In a statement today, the property development company said it received a total of 10,496 applications for 279.12 million shares at an issue price of 50 sen per share.

Group managing director Gary Gan said that gaining confidence for the public tranche was commendable given the challenging macroeconomic outlook and market sentiment.

“The proceeds from our IPO would better position Radium to grow alongside the recovery of the property segment.

“2023 is poised to be an eventful year, as we are on track to deliver Vista Sentul in mid-year and will ramp up sales for RM1.5 billion (worth of) launches,” he said.

Gan said these launches would boost earnings even further, and enable the group to deliver affordable homes for the working class in Kuala Lumpur.

Radium Development said its IPO is expected to raise RM434 million in proceeds, of which RM171 million is earmarked for landbank acquisition and development expenditure, and RM109.3 million for hotel construction.

A further RM93.9 million is allocated for repayment of bank borrowings, RM39.8 million for working capital, and the balance RM20 million to defray listing expenses, it said.

Radium Development is set to be listed on the Main Market of Bursa Malaysia on May 31, at an issue price of 50 sen per share and a market capitalisation of RM1.7 billion.