Inari Berhad

PETALING JAYA: Inari Bhd, which is en route to a listing on the ACE Market of Bursa Malaysia on July 19, had its initial public offering (IPO) oversubscribed by 10.42 times.
The EMS (Electronic Manufacturing Services) provider in the semiconductor industry received 6,308 applications for 114.2 million shares with a total value of RM43.4mil for the public tranche of 10 million new shares under its IPO. It should be noted that the public tranche constituted about 12% of the 83 million new ordinary shares under the IPO. The remainder consisted of 10.4 million shares for eligible directors, employees and business associates of the group and its subsidiaries, 26.1 million shares for private placement to selected investors, and 36.5 million shares for bumiputra investors approved by the International Trade and Industry Ministry.
At an issue price of 38 sen per share, Inari's IPO raised RM31.54mil in proceeds for the group. About RM17.5mil from the proceeds will be allocated for capital expenditure, including the building of a new assembly and manufacturing facility in Penang which is due to be completed in the first quarter of 2012.
Of the balance, RM7.6mil will be for repayment of debt, RM4.5mil for general working capital, and RM2mil to defray listing expenses. M&A Securities Sdn Bhd is the adviser, underwriter, sponsor, and placement agent for the IPO exercise.
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Inari Berhad will be listed today 19.07.11 in ACE market, so what will be the IPO target price? Some source say it will up to put RM 0.58 ..


Source: The Star