After successfully gaining a $400 million uptake for its initial public offering (IPO) and offer for sale in less than a day, Future Energy Source Company Limited (FESCO) has published the basis of allotment for the various pools of investors who bought into the offer.

This is the first successful IPO for the new year after Alliance Financial Services Limited’s offer fizzled out before the new year started with the offer now on indefinite suspension.

FESCO, a fuel distribution company, took in $240 million from the IPO while the original owners of FESCO garnered $160 million from a price of $0.80.

The biggest surprise from this IPO was NCB Capital Markets Limited (NCBCM) and its affiliates not taking up the full allotment from its broker reserved pool of 175 million shares ($140 million). NCBCM received 100 million shares or 20 per cent of the shares on offer while NCB Insurance Agency and Fund Managers Limited received 16,2450,000 shares. The remaining 58,755,000 shares were allotted to the general public pool.

The Key Partners pool was guaranteed up to 250,000 shares ($200,000) with a pro-rata allocation of 80.1949 per cent on the remaining amount invested. The employee reserved pool had a guaranteed allocation of up to 50,000 shares ($40,000) with a pro-rata allocation of 72.3226 per cent on the remaining capital.

As a result of the NCB affiliates not taking up their allotment, the general public pool had a total of 233,755,000 shares available to them. However, this wasn’t enough to match the demand which resulted in only 1000 shares (minimum subscription) being guaranteed with a pro-rata allocation of 43.8762 per cent on the remaining capital invested. Thus, a $100,000 investment (125,000 shares) would see the investor getting 1000 shares ($800) guaranteed with 54,406 shares being allocated pro-rata with $55,675.20 being refunded to the investor. This allocation was lower than the Tropical Battery IPO in September.

This is the most recent public offering to be oversubscribed following the Sygnus Credit Investments Limited, Derrimon Trading Limited and Proven Investments Limited additional public offerings which raised billions of dollars. NCBCM will start the refund process today with the shares expected to be listed within the next two weeks.