iFAST Corporation announced a strong set of IPO subscription results where the shares were 12.4x subscribed. The over-allotment option was exercised and in this regard, an additional 3.28m shares were issued. This will be used to support the share price should it decline below the IPO price on debut.
Public investors who applied for 100 lots will have a 40% chance and get 11 lots.
It is interesting to note that the directors came out in full force to support the IPO and that 3 other reputable investors subscribed for more than 5% of the IPO tranche. It's a pity they didn't disclose the number of shares alloted to them.
Overall, i am surprised by the strong subscription results and the CEO attributed to strong support by institutional investors, especially those from London.
Let's see if the IPO will perform to expectations tomorrow.