The precision engineering components manufacturer received 29,702 applications for 2.75 billion issue shares, valued at RM1.38 billion, from the Malaysian public for the public portion of the initial public offering.

The IPO consists of 168.99 million new shares and an offer for sale of 51.80 million existing shares priced at 50 sen per share.

“A total of 14,238 applications were received for 1.10 billion issue shares under the Bumiputera portion, representing an oversubscription rate of 58.49 times.

“Meanwhile, 15,464 applications were submitted for 1.65 billion issue shares under the other Malaysian public portion, representing an oversubscription rate of 88.36 times,” according to the Malaysian Issuing House Sdn Bhd in a statement today.

Additionally, 29.60 million shares allocated for eligible directors, employees and business associates who contributed to the group’s success have been fully subscribed.

Affin Hwang Investment Bank Bhd, serving as the principal adviser, sponsor, sole placement agent, and sole underwriter, stated that 154.18 million IPO shares made available via private placement to selected investors and identified Bumiputera investors approved by the ministry of investment, trade and industry have been fully placed out.

The notices of allotment will be mailed to all successful applicants by Oct 15, 2024.