i-Stone IPO oversubscribed 11.56 times


PETALING JAYA: Johor-based automation solutions provider i-Stone Group Bhd’s initial public offering (IPO) has been oversubscribed by 11.56 times ahead of the group’s listing on the Ace Market of Bursa Malaysia on July 17.

In a filing with Bursa Malaysia, i-Stone said a total of 6,522 applications for 767.29 million new shares valued at RM122.76mil were received for the retail offering of 61.07 million new shares.

“For the bumiputra portion, a total of 2,762 applications for 213.61 million new shares were received, representing an oversubscription rate of six times,” the company added.

Meanwhile, it noted that a total of 3,760 applications for 553.68 million new shares were received, representing an oversubscription rate of 17.13 times.

It added that 12.21million new shares were also allocated to eligible directors and employees, which had been fully subscribed.