The issuing house, Malaysian Issuing House Sdn Bhd (MIH), said a total of 7,712 applications for 613.14 million new shares were received for the public portion of the shares.

The company is set to be listed on July 25 at an issue price of 21 sen per share.

A total of 18.68 million new shares were available for application by eligible directors, employees, persons who contributed to the success of MyMBN, and its subsidiaries, which MIH said has been fully subscribed.

Mercury Securities Sdn Bhd, the sole placement agent for the IPO, has confirmed the 60.02 million new shares made available for application by way of private placement have been fully placed out to selected investors.

The notices of allotment will be mailed to all successful applicants by July 24.

Upon listing, the company aims to have a market capitalisation of RM81.1 million based on the issue price of 21 sen.

On July 10, Apex Research had given the company a fair value of 30 sen based on MyMBN’s FY2024F earnings per share of 1.9 sen and a premium of 10% on Bursa Malaysia’s consumer products and services index 2024 forward price-earnings ratio (PER) of 16.2x.

In its research note, it said it is optimistic about China’s recovery and demand, where MyMBN is one of the market leaders in exporting raw unclean edible bird’s nests (RUCEBN).

“China is the largest edible bird’s nest consumer globally, accounting for over 60% of total production,” the research house said. It noted this was hindered due to its zero-Covid policy but is now expected to recover.

In addition, Malaysia is a significant EBN producer in Southeast Asia and is the only country recognised by China for exporting RUCEBN. MyMBN is one of three approved suppliers of RUCEBN to China.

Apex believes its earnings can leverage on China’s revived spending appetite as 99% of MyMBN’s revenue came from China over the past three years.