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Singapore Investment

 WELLS 0271 WELLSPIRE HOLDINGS BERHAD IPO oversubscribed by 11 times

PETALING JAYA: The public portion of Wellspire Holdings Bhd’s initial public offering (IPO) was oversubscribed by 11.24 times.

In a statement, the company said a total of 7,727 applications for 440.668 million public issue shares valued at RM101.353mil were received.

Wellspire, a snack food distributor in Thailand, is due to be listed on the ACE Market on Jan 16, 2023. Based on its enlarged issued share capital of 712.13 million shares and IPO price of 23 sen per share, Wellspire will have a market capitalisation of RM163.79mil upon its listing. The company expects to raise RM28.66mil from its listing exercise.

About RM16mil of the proceeds would be to acquire or build a warehouse and operational facility in Thailand, and RM5.96mil as working capital.


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