LFE IPO 21 times covered

  • Business
  • Thursday, 16 Oct 2003

LFE Corp Bhd’s initial public offer (IPO) has recorded an oversubscription rate of 21.05 times. 

MIDF Consultancy and Corporate Services Sdn Bhd general manager Mohd Shuib Abd Ghani said the 2.5 million RM1 shares made available for public subscription attracted 33,339 applications for 55.122 million shares with a value of RM93.708mil.  

“For the bumiputra portion, a total of 10,346 applications for 13.295 million shares were received which represent an oversubscription of 16.73 times,” he said at the shares balloting ceremony in Kuala Lumpur yesterday in conjunction with LFE's listing on the KLSE second board. 

The IPO involved the private placement of 8 million new RM1 shares and offer for sale of 5 million shares at an issue/offer price of RM1.70 per share. 

LFE is mainly involved in the provision of electrical and mechanical engineering services in Malaysia, China, the Middle East and South-East Asia. – Bernama  

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