Consider the following information obtained from a prospectus of an IPO dated 26 October 2020. MR D.I.Y. Group (M) Bhd.

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Consider the following information obtained from a prospectus ofan IPO dated 26 October 2020. MR D.I.Y. Group (M) Bhd.
KUALA LUMPUR: MR D.I.Y. Group (M) Bhd., the country's largestIPO this year, made its debut on the Main Market of Bursa Malaysiaat RMI .60, which is its offer price. At 9.03am, share of the homeimprovement retailer was trading at RMI .61. There were 49.78million shares done at prices ranging from RMI .50 to RMI .62. TheFBM KLCI was up 2.38 points or 0.16% to 1 ,497.02. Turnover was381.90 million shares valued at RM222.28mil. There were 301gainers, 105 losers and 283 counters unchanged. MR DIY raisedRM1.5bil from the market. Its IPO comprised up to 941.49 millionshares — an offer for sale of up to 753.09 million existing sharesand a public issue of 188.40 million new shares.
Required:
a) Extract the important informationthat can be obtained from the above statement. (7 Marks)
b) Why does IPO under-pricing tend tooccur? (3 Marks)