ADVANCE Information Marketing Bhd's (AIM) initial public offer (IPO) of 35 million new ordinary shares at RM0.42 sen per share was oversubscribed by 55.45 times.

It received a total of 9,786 applications for 56,445,900 shares at a value of RM23.7 million for its public portion.

"We are pleased with the response from the market. It further validates our company's strengths and capabilities and our shareholders have shown confidence in us," AIM chief executive officer Nyang Koon Seng said in a statement yesterday.


The company plans to allocate not less than 40 per cent of its net profit for financial year 2006 and 2007 as dividend payouts to its shareholders.

It is forecasting a revenue of RM41.6 million for financial year ending 2006 with a profit of RM9 million.