Kuala Lumpur, 20 July 2023 – MST Golf Group Berhad (formerly known as M S T Golf (Asia) Sdn Bhd) (“MST Golf” or the “Company”), the largest chain of golf specialty retailer of golf equipment in Malaysia, today premiered as a public listed company on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). MST Golf began trading this morning under the stock name MSTGOLF and stock code 5316.
Ng Yap, Executive Director and Group Chief Executive Officer of MST Golf said, “We have arrived at this crucial chapter after months of hard work invested by our dedicated management team and diligent staff, as well as the guidance and support of our team of advisers and the responsiveness and attention from the relevant authorities towards making this IPO a success. On behalf of MST Golf, I would like to take this opportunity to extend our heartfelt gratitude for your overwhelming support to our Company and the tireless support given by our family and employees in realising this milestone together. We wish to also thank all participating investors who have shown support for our IPO.”
The response to MST Golf’s IPO was favourable, with the institutional offering generating an overwhelming demand of approximately RM924.00 million subscription rate of 6.39 times, after receiving significant interest from institutional and selected investors. Overall, the total demand for the IPO, including the retail tranche of 41.50 million new shares reserved for application by the Malaysian public, registered an oversubscription rate of 5.28 times. Ng Yap added that this demonstrates the confidence and trust that investors have placed in the Company.
Through its IPO, MST Golf has successfully raised gross proceeds of RM129.60 million via its public issue of 160.0 million new shares, of which close to 90.00% of the proceeds will be used for the expansion plan locally and regionally. A further 2.32% of the proceeds will be used for the upgrade of digital technology facilities, along with 2.51% for working capital and the balance 5.43% will be used to defray listing expenses.
“In the past 34 years, we never dreamed of going for IPO. Our goal is to continue creating and providing new and innovative golf and brand experiences to consumers, both current and new golfers through our retail business. Today, we are a proud Malaysian golf retail brand with 47 retail outlets, 39 outlets in Malaysia and 8 outlets in Singapore, we have garnered recognition from esteemed brands in the industry. MST Golf’s listing marks the beginning of a very exciting journey for us in many years to come,” Ng Yap added in the closing.
RHB Investment Bank Berhad is the principal adviser, sole underwriter, and sole placement agent for the IPO.
