KUALA LUMPUR: XOX Bhd's 7.5 million shares offered under its public tranche have been oversubscribed by 13.2 times with a total value of RM85.2 million.
The mobile virtual network operator attracted a total of 6,652 applications for 106.5 million shares under the tranche.
XOX is scheduled for listing on ACE Market of Bursa Malaysia Securities Bhd next Friday.
Its initial public offering (IPO) entails a public issue of 46.8 million new shares at 80 sen each.
Of the 46.8 million, 29.8 million shares have been allocated for private placement to eligible identified investors, 9.5 million for eligible directors, employees and business associates of the company and the remaining 7.5 million for application by way of balloting to the public.
The IPO will raise a gross proceed of RM37.4 million for XOX. Of this, RM23.2 million is allocated for working capital, RM6.2 million for capital expenditure, RM5.0 million for payment to creditor, and the balance RM3 million to defray listing expenses, it said.
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