In a statement today, the geotechnical instrumentation service provider announced that it has received 18,730 applications for 3.55 billion new shares, amounting to a value of RM674.94 million.

These applications are in response to the group’s offering of 20.35 million new shares available for public subscription.

For the Bumiputera public portion of shares, a total of 18,730 applications were submitted for 1.93 billion shares, an oversubscription of 189.11 times.

As for the remaining public portion, 6,974 applications were received for 1.62 billion new shares, amounting to an oversubscription of 157.97 times.

Meanwhile, 10.18 million new shares that were allocated for eligible directors, employees, and contributors to the group’s success have been fully subscribed.

Additionally, the Glostrext’s placement agent has confirmed that 91.58 million shares offered through private placement to selected inventors have been fully placed out.

Managing director Lee Sieng Kai expressed Glostrext’s aim to raise awareness for their geotechnical instrumentation services using the Glostrext WiNA platform.

Glostrext WiNA is the group’s in-house developed real-time online structural and ground instrumentation and monitoring services.

“As cities like Singapore and Kuala Lumpur become more developed, the completed buildings, infrastructures and facilities will need monitoring, as it involves public safety,” Lee said.

He cited the examples of MRT lines and tunnels which could benefit from Glostrext WiNA.

The group’s listing on the ACE Market is scheduled for Aug 15, with M&A Securities Sdn Bhd serving as the adviser, sponsor, underwriter, and placement agent for the IPO exercise.