Kitacon's IPO public portion oversubscribed by 11.46 times January 11, 2023 KUALA LUMPUR (Jan 11): The...

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Kitacon's IPO public portion oversubscribed by 11.46 times January 11, 2023 KUALA LUMPUR (Jan 11): The public portion of Kumpulan Kitacon Bhd's initial public offering (IPO) was oversubscribed by 11.46 times, the company said, with applications for 124.58 million shares received for the 10 million shares available for application by the Malaysian public. Kitacon, which sought to raise RM51.74 million from the IPO, said that another 8.59 million new shares to be issued to eligible directors, employees and persons have been fully subscribed. Kitacon is also issuing 57.5 million new shares by way of private placement to institutional and selected investors. In total, the IPO's new issuance totalled 76.09 million shares at 68 sen. KITACON Required Based on the above news from The Edge Market, prepare the journal entries to record the above situation assuming that the Kitacon Bhd's issues Preferences shares and the directors decided to reject 30% of the application received. Kitacon's IPO public portion oversubscribed by 11.46 times January 11, 2023 KUALA LUMPUR (Jan 11): The public portion of Kumpulan Kitacon Bhd's initial public offering (IPO) was oversubscribed by 11.46 times, the company said, with applications for 124.58 million shares received for the 10 million shares available for application by the Malaysian public. Kitacon, which sought to raise RM51.74 million from the IPO, said that another 8.59 million new shares to be issued to eligible directors, employees and persons have been fully subscribed. Kitacon is also issuing 57.5 million new shares by way of private placement to institutional and selected investors. In total, the IPO's new issuance totalled 76.09 million shares at 68 sen. KITACON Required Based on the above news from The Edge Market, prepare the journal entries to record the above situation assuming that the Kitacon Bhd's issues Preferences shares and the directors decided to reject 30% of the application received.