Titijaya Land Bhd, a property developer is scheduled to be listed in Main Market of Bursa Malaysia on 27th November 2013.
The Initial Public Offering (IPO) consists of public issues of 81.7 million new ordinary shares and offer for sale of 49.5 million ordinary shares at an IPO price of RM1.50 per share.
Out of this, 17 million shares are allocated for application by Malaysian public and 6 million shares reserved for the eligible directors and eligible person who contribute to the company. The remaining shares are for private placement.
The IPO exercise is expected to raise RM122.6 million and the proceeds will be used for working capital (RM49.5 mil), repayment of borrowing (RM39.3 mil), purchase of landbank in Klang Valley (RM30mil) and listing expenses (RM 3.8mil).
Titijaya’s the biggest project to date is the RM1.5 billion integrated development in Shah Alam, which comprises retail space, office units and serviced apartments. This is followed by the Klang Sentral Serviced Apartments, which is valued at RM700 million.
The on ongoing projects are estimated to be worth just over RM1 billion. Notable ones include the Klang Sentral Commercial Centre and Casa Tiara Serviced Suites.
Next year, Titijaya plans to launch the subsequent phases of Seri Alam Industrial Park, the Zone Innovation Park@ Sungai Kapar Indah and the Mutiara Point Business Park developments.
Over the last decade, Titijaya had developed over 3,000 units of properties worth RM1.14 billion. Currently, the company holds 188ha of landbank in the Klang Valley.
More information about Titijaya Land can be found in their website.
Titijaya Land Berhad intends to pay 30 per cent of its yearly net profit as dividend. Base on 201X figures, this is translate to dividend yield of 3.07 percent or 4.6 sen per share
The table below is the financial summary for Titijaya Land Bhd.
|FYE 2009||FYE 2010||FYE 2011||FYE 2012||FYE 2013|
|Profit after Tax (RM’000)||13,413||27,196||22,524||34,140||52,196|
|Earnings per Share (sen)*||3.95||8.00||6.62||10.04||15.35|
|Price Earnings Ratio (x)*||38.02||18.75||22.64||14.94||9.77|
For those who are interested in Titijaya Land IPO, you may subscribe at ATM machines or via Internet Banking. The subscription period is opened until 18th November 2013 at 5pm. Tentative balloting date is on 20th November 2013 while the allotment date is on 26th November 2013.
Titijaya Land stock name in Bursa Malaysia is “TITIJYA”.
View Titijaya Land prospectus in Bursa Malaysia webpage.
What do you think about Titijaya Land IPO? Are you going to subscribe?