KUALA LUMPUR: XOX Bhd's public issue of 7.5 million shares had been oversubscribed by 13.2 times.
The full-fledged MVNO company received 6,652 applications for 106.5 million shares with a total value of RM85.2 million, the company said in a statement Thursday, June 2.
XOX chief executive officer Ng Kok Heng said the oversubscription rate for its IPO was encouraging, and indicated investors' confidence in its growth prospects.
'We believe that investors appreciate our unique low-caped business model and our commendable growth in subscriber base since our service launch in 2009.
'With this vote of confidence from the investing public, we are even more driven to attain our target of 1.5 million subscribers by end-2011, by increasing our distribution channels nationwide, rolling out highly-innovative services and implementing subscriber loyalty programmes for our target markets,' he said.
He said XOX currently had a subscriber base of more than 400,000, and had set up a total of 8 service centres in the Klang Valley, Kedah, Terengganu, Perak, and Penang.
'The anticipated growth in XOX's subscriber base to 1.5 million in end-2011 is supported by the wider availability and consumer acceptance of XOX's products and services, higher subscriber retention, and introduction of new products and services,' he said.
The full-fledged MVNO company received 6,652 applications for 106.5 million shares with a total value of RM85.2 million, the company said in a statement Thursday, June 2.
XOX chief executive officer Ng Kok Heng said the oversubscription rate for its IPO was encouraging, and indicated investors' confidence in its growth prospects.
'We believe that investors appreciate our unique low-caped business model and our commendable growth in subscriber base since our service launch in 2009.
'With this vote of confidence from the investing public, we are even more driven to attain our target of 1.5 million subscribers by end-2011, by increasing our distribution channels nationwide, rolling out highly-innovative services and implementing subscriber loyalty programmes for our target markets,' he said.
He said XOX currently had a subscriber base of more than 400,000, and had set up a total of 8 service centres in the Klang Valley, Kedah, Terengganu, Perak, and Penang.
'The anticipated growth in XOX's subscriber base to 1.5 million in end-2011 is supported by the wider availability and consumer acceptance of XOX's products and services, higher subscriber retention, and introduction of new products and services,' he said.
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