Hibiscus Petroleum IPO Oversubscribed by 3.80 times

Hibiscus Petroleum Berhad

Hibiscus Petroleum Berhad Initial Public Offering (IPO) received an good response with its public portion of 10 million shares. It was oversubscribed by 3.80 times. The IPO attract 4,757 applications or 48.2 million shares.

However, only 265.4 million out of 400 million were being place out by way of placement to selected investors. In other word, it was under subscribed.

Under the clawback provision set out in prospectus, 38.2 million from private placement portion transferred to retail portion. As such, 48.2 million shares were made available for retail portion and all retails applicants will received the exact number of shares that they apply.

Notices of Allotment will be dispatched by post to all successful applicants on or before 22nd July 2011. Hibiscus Petroleum is expected to be listed on the Main Market of Bursa Malaysia on 25th July 2011 under stock name “HIBISCS”.

Details information are available in Bursa Malaysia webpage.

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