We take this opportunity to express our gratitude to the many investors who subscribed to our recent IPO. We are truly overwhelmed by the support that we have received from the investor community, and sincerely thank you for investing in our IPO.
Due to the unprecedented demand we witnessed, we were unable to allocate the total quantum of shares subscribed by each individual investor. Our IPO was oversubscribed 8.6 times overall, and 3.5 times in terms of the retail investor allocation of 40% of the shares on offer.
Upon 40% allocation to the retail individual investors and 10% to the unit trust investor categories, a preferential allocation of 25% was made to CAL Group employees who have played an integral role in our growth story. The said allotment was made in line with the updated basis of allotment set out in the addendum to the prospectus published on 19th November 2021, prior to the opening of the subscription. However, no allotments have been made to the CEO or to any of the Directors of Capital Alliance Limited or the parent.
As a people-centric business, we strongly believe that our employees are our driving force. CALT wishes to empower them as shareholders, so that the goals of our investors and our employees are aligned. We believe that employee stock ownership is crucial to the future performance of our business, of which you are now a stakeholder. A healthy level of employee stock ownership is globally recognized to demonstrably improve the future performance of companies. A preferential allocation of shares to employees is, therefore, beneficial to all investors.
We thank each and every investor who placed their faith and capital with us and look forward to the journey ahead! We genuinely understand and relate to how you feel, however in the atmosphere of such a strong oversubscription to an issue, these circumstances are unavoidable and beyond our control.