Acleda Bank’s shares oversubscribed as book-building ends
Acleda Bank’s shares oversubscribed as book-building ends
ACELEDA Bank’s shares have been oversubscribed during the book-building process, according to Yuanta Securities (Cambodia) Plc, the underwriter.Yuanta Securities managing director Han Kyung-tae said that despite fears of the spread of Covid-19 and the effect the outbreak is having on international financial markets, demand for Acleda’s shares ahead of the bank’s initial public offering (IPO) has been high.
“While the book-building results are unofficial and subject to the approval of the Securities and Exchange Commission of Cambodia (SECC), investors must prepare for the subscription, which will begin on March 24.
“This IPO is a golden opportunity for retail investors to become shareholders of the most trusted and financially healthy bank in Cambodia,” he claimed.
Han said 4.3 million shares have been set aside for investors during the book-building.
“All public investors will be invited to purchase Acleda’s shares at the final IPO price from March 24 to April 4,” he said, noting that these dates are subject to approval from the regulator.
“Both successful and unsuccessful investors can still subscribe to more shares during the subscription period. Up to 21.8 million shares will be available for subscription at the final offering price.”
Acleda closed its books for the book-building process on Saturday. Yuanta Securities is preparing the allocation and final subscription price based on the book-building and subscription procedures.
Acleda president and group managing director In Channy said more than 2,000 individual investors participated in the book-building process. He is looking forward to welcoming the new shareholders.
The bank received approval in principle on its IPO on February 25. It plans to issue 8.7 million new shares and make 13.1 million existing shares available to the public.
