Impressive !!! market price also the same for tomorrow??
KUALA LUMPUR: Main Market-bound shipbuilding group TAS Offshore Bhd's initial public offering (IPO) has the highest oversubscription rate among the IPOs this year at 19.47 times.
In a statement today, TAS group managing director Datuk Lau Nai Hoh said the total value of the applications received of RM165.8 million was also the largest in terms of value of applications by the Malaysian public for an IPO in 2009.
"The oversubscription rate and overwhelming response to the public issue of TAS Offshore reflect the strong confidence that investors have in TAS Offshore," he said.
Scheduled to be listed on Aug 28, 2009, TAS raised a total of RM69.3 million which will be used for expansion of existing operations, working capital and listing expenses.
Lau said it intended to use 81% of the proceeds to embark on "build, own and sell ships" as well as "build, own and charter ships".
Predominantly an export-oriented company, TAS group's main markets include Singapore, United Arab Emirates (UAE), Bahrain and Indonesia and the majority of its customers are in the oil and gas as well as mining industries. Export makes up 89.1% of its total group revenue.
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