Kuala Lumpur, 20 February 2020 – InNature Berhad (“InNature”), a leading mono-brand beauty retailer in Malaysia made its debut on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) this morning. InNature’s Non-Independent Non-Executive Chairman, Dato’ Simon Foong and Managing Director, Datin Mina Cheah-Foong, performed the customary hitting of the gong at 9.00 a.m. sharp to signify the listing of InNature.
At the listing ceremony, Dato’ Simon Foong said, “This is an auspicious day for InNature as it completes its listing on the Main Market of Bursa Securities. InNature aspires to promote the success of the company for the benefit of its shareholders, employees, and customers. We intend to use this business as a force for good, to have a positive impact on society and the environment. The overwhelming response to the IPO is a reflection of the investors’ confidence in the company.”
“On 18 February 2020, we released our final quarter (“4Q2019”) and full-year results for the financial year ended 31 December 2019 (“FY2019”). Notwithstanding the challenging market conditions and fragile consumer sentiment, group revenue continued to expand both for the quarter and for the year. The year-on-year movement in profit after tax for 4Q2019 was impacted by non-core items i.e. the listing expenses in 4Q2019, and fair value gain arising from the distribution of non-cash assets to owners in 4Q2018. Stripping off these non-core items, core profit after tax of the group for 4Q2019 is RM8.8 million, mainly as a result of the initial gestation period from our new businesses in The Body Shop Cambodia and Natura Malaysia. For FY2019, group core profit after tax is RM33.7 million,” added Datin Mina Cheah-Foong.
“On the back of the group’s achievement in 2019, the Board had approved the declaration of a special dividend of 1 sen per share. Including the pre-IPO dividend paid on 27 December 2019, this translates into a 56.6% payout of the Group’s profit after tax for the year. Moving forward, we intend to maintain a healthy dividend policy to reward our shareholders,” Datin Mina Cheah-Foong continued.
The IPO raised approximately RM113.5 million in total proceeds. InNature’s IPO of 177,274,000 ordinary shares representing 25.1% of the enlarged issued share capital of the Company, comprised a public issue of 74,074,000 new ordinary shares in InNature and an offer for sale of 103,200,000 existing shares in the company. Following the completion of the bookbuilding process under the institutional offering on 7 February 2020, the institutional price and the final retail price were fixed at RM0.64 per share.
The institutional offering attracted an overwhelming response with strong participation from government funds, insurance funds, and asset managers.
The retail offering of 14,131,500 InNature shares to the Malaysian public attracted applications for 203,957,900 shares, which represents a subscription rate of 13.43 times. At the final retail price of RM0.64 per share, the total proceeds raised from the shares offered under the Malaysian public is RM9,044,160. The 2,000,000 Issue Shares available for application by the directors and eligible employees of InNature Group have also been fully subscribed.
InNature will focus on strengthening its position as a leading mono-brand beauty retailer in Malaysia, by enhancing productivity for The Body Shop® business in Malaysia through an omnichannel strategy. The InNature Group will also continue to expand regionally in Vietnam and Cambodia, as well as expand the InNature Group’s brand portfolio in Malaysia by developing the Natura brand.
CIMB acted as the Principal Adviser, Managing Underwriter, Joint Underwriter and Sole Bookrunner for the IPO. MIDF Amanah Investment Bank Berhad, acted as Joint Underwriters together with CIMB for the retail offering.