Pecca’s IPO shares for public oversubscribed 13.11 times

Model posing at Pecca Leather booth during KLIMS 2013. IZZRAFIQ ALIAS / The Star. November 22, 2013.

KUALA LUMPUR: Car leather upholstery manufacturer Pecca Group Bhd’s initial public offering (IPO) shares for the Malaysian public has been oversubscribed by 13.11 times.

Malaysian Issuing House Sdn Bhd (MIH) said in a statement that 8,047 applications for 132.637 million shares were received for the 9.4 million shares available for public subscription at RM1.42 per share.

Of the 4.7 million shares alloted under the bumiputra category, a total of 4,351 applications for 61.695 million shares were received, which represents an oversubscription rate of 12.13 times.

Meanwhile, the public category attracted 3,696 applications for 70.942 million shares, translating to an oversubscription rate of 14.09 times.

MIH said the joint placement agents had confirmed that the private placement of 53.526 million shares to selected investors had been placed out.

The principal adviser for the IPO is AmInvestment Bank Bhd.

Pecca’s tentative listing date is April 19.

Pecca is mainly involved in styling, manufacturing, distribution and installation of leather upholstery for car seat covers as well as supplying leather cut pieces to the automotive leather upholstery industry. It plans to venture into the aviation leather upholstery business.