SINGAPORE - The initial public offering of Malaysian timber company Jawala closed with its public offer tranche subscribed 18.5 times.

Jawala, which will make its trading debut on the Singapore Exchange's Catalist board at 2pm on Friday (June 1), said that the 400,000 shares it offered for public subscription at 25 Singapore cents apiece drew valid applications for 7.4 million shares.

Its placement tranche, which comprised 17.6 million shares at the same price, was fully allotted. Six parties received at least 5 per cent of the shares offered. They were Anuar Bin Ahmed, Yeo Eck Liong, Syarikat Samling Timber Sdn Bhd, Swift Gain Management, Rendy Halim and Frederick Chong Mee Fah.

UOB Kay Hian is Jawala's listing sponsor and the manager of the deal.

Jawala, which holds a 100-year licence agreement to manage a 11,043 hectare plantation in Sabah's Sapulut Forest Reserve, raised about S$3.2 million in net proceeds through the offering. It harvests and supplies timber from salvage logging to produce sawn timber, veneers and plywood.