KUALA LUMPUR: Cloudpoint Technology Bhd
's public issue of 26.58 million shares for its initial public offering (IPO) made available for application by the Malaysian public has been oversubscribed by 112.94 times.
Tentatively scheduled to be listed on the ACE Market of Bursa Malaysia on May 29, 2023, the information technology (IT) solutions provider said a total of 36,608 applications for 3.028 billion shares valued at RM1.15 billion were received from the Malaysian public, with an issue price of RM0.38 per share.
For the Bumiputera portion, a total of 20,448 applications for 1.352 billion new shares were received, representing an oversubscription rate of 100.74 times, while for the public portion, a total of 16,160 applications for 1.676 billion new shares were received, representing an oversubscription rate of 125.14 times, it said in a statement today.
Meanwhile, 13.29 million new shares made available to the eligible directors and employees have also been fully subscribed.
The placement agent, M & A Securities Sdn Bhd has also confirmed that the 66.45 million new shares by way of private placement to Bumiputera investors approved by the Investment, Trade and Industry Ministry, and 53.16 million existing shares by way of private placement to selected investors have been fully placed out.
The notices of allotment would be posted to all successful applicants on or before May 25, 2023.
Cloudpoint Technology previously said it planned to raise RM40.4 million from its IPO to fund its expansion plans. - Bernama
