I do hope MSM will not do the hop,skip and jump down the gutter like UOA Development. And hopefully too-not like XOX which is at sea or worse, gone to sea, after plunging almost 35% on the first day of listing. I think it could be the unjustified rich valuation which have been the cause though not the main one. The culprits are short sellers having a field day on their keyboards selling down these shares till they arrived ' in Holland'. Definitely the case with UOA Development which is a more solid counter with EPF as the cornerstone player.
Now, back to MSM.
MSM , has priced its IPO at RM3.50 per share for institutional investors, said a source with direct knowledge of the deal.
The price is at the top end of the RM3.30-RM3.50 range set earlier, valuing the IPO at about
RM817mil.
MSM is selling about 234 million shares in the IPO. The institutional portion would comprise about 206 million shares or 29.4% of the enlarged share capital.
The retail portion would consist of about 28 million shares or 4% of the enlarged share capital.
“Basically, everyone bid the whole book because they knew it was oversubscribed and they wouldn’t get any shares,” said a fund manager.
Funds raised will be used for capital expenditure and working capital requirements.
