Sona Petroleum's IPO shares oversubscribed by 5.97 times
Shares in Sona Petroleum Bhd's initial public offering were oversubscribed by 5.97 times. The initial public offering consisted of 141 million shares. In addition, the initial public offering also comprised 141 million one-for-one attached warrants.
There were 24,035 total applications for 842.27 million shares, said Malaysian Issuing House Sdn Bhd (MIH) in a statement. The shares amounted to a total of MYR421.14 million.
A total of 70.5 million shares were allotted for the Bumiputera category. This represented 50% of the shares offered to the public for subscription. Meanwhile, the remaining half of the shares was allotted for the public category.
"The Bumiputera category received a total of 8,147 applications for 243.37 million shares representing a subscription of 3.45 times while the public category received 15,888 applications for 598.90 million shares representing a subscription rate of 8.50 times," MIH said.
Sona Petroleum Bhd was formed by Exploration and Production's senior executives. The company was formerly known as Titanium Windfall Sdn Bhd.