Foodstuff maker OTS Holdings’ initial public offering was 8.4 times subscribed, with strong interest seen from retail investors.
The retail tranche of 1 million shares received valid application totalling some $53.73 million. At 23 cents each, this portion was 233.6 times subscribed
The much larger placement tranche of 40 million shares, meanwhile, was 2.8 times subscribed.
See also: Food manufacturer OTS seeks funds to expand into new markets and products
“With our IPO, we intend to accelerate our expansion plans in regional markets, particularly in Malaysia and the Philippines,” says OTS managing director Ong Bee Chip.
“In addition, leveraging on our R&D capabilities, we will be looking to introduce our shelf-stable plant-based food products by early 2022,” he adds.
This IPO is arranged by SAC Capital. Trading will commence at 9am on June 17.