Powerwell IPO oversubscribed 24 times

KUALA LUMPUR: The initial public offering (IPO) of Powerwell Holdings Bhd has been oversubscribed by 24.27 times, with a total of 7,219 applications for 601.38 million shares with a value of RM150.34mil received from the Malaysian public for 23.8 million issue shares.

Out of the 23.8 million shares, some 11.9 million shares, or 50% of the issued shares, have been set aside for allotment under the bumiputra category.