Hundred million ordinary voting shares of Mackwoods Energy Limited (MEL) will be listed today on the Diri Savi Board of the CSE with the security code MEL.N000. The company will be classified under the Power and Energy Sector.
MEL raised Rs.350 million through the issue of 25 million shares to the public at Rs.14 each, amounting to a 25% stake of the company, post IPO. The IPO was oversubscribed by 1.14 times drawing 512 applications for 28,476,100 shares.
With a view to maximize investor participation, all retail investors and investors who applied up to and inclusive of 3,571,400 under non-retail investor category were allotted 100% of the shares applied for. Investors who applied for more than 3,571,400 shares were allotted minimum of 3,571,400 plus 24.67% of the shares applied for over and above 3,571,400 shares.