The ACE Market-bound company said it has allocated 51.26 million new shares at 22 sen each for the public.

BWYS said it received 23,223 applications, totalling 2.53 billion shares and valued at about RM558.35 million.

“For the Bumiputera portion, 13,205 applications for 1.22 billion issue shares were received, representing an overall oversubscription rate of 46.71 times.

“As for the Malaysian public portion, 10,018 applications for 1.32 billion issue shares were submitted, resulting in an oversubscription rate of 50.31 times,” it said in a statement.

BWYS also informed that the 61.51 million issue shares which are available for application by eligible directors and employees, as well as persons who have contributed to the company’s success, have been fully subscribed.

It said the 15.38 million issue shares and 100 million offer shares by way of private placement to selected investors have been fully placed out.

Also fully taken up were the 128.15 million issue shares by way of private placement to Bumiputera investors approved by the investment, trade and industry ministry.

On prospects, BWYS managing director Kang Beng Hai said the robust demand for steel products, driven by the resumption of construction projects, increased infrastructure spending, and the construction of data centres, indicates a positive outlook for the steel sector.

“According to the Malaysian Iron and Steel Industry Federation (MISIF), domestic steel consumption is expected to grow between 8.3 million and 9 million tonnes this year from 7.9 million tonnes in 2023.

“This positive industry forecast further reinforces our confidence in the growth potential of BWYS,” he said.

BWYS is scheduled to be listed on Bursa Malaysia on July 22, 2024, and would have a market capitalisation of about RM225.55 million based on an issue price of 22 sen per share and the enlarged share capital of 1.03 billion shares.

It said M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.