Econframe’s 16.2m new shares for public oversubscribed 40 times

Econframe Bhd Group group managing director Lim Chin Horng said the company was encouraged by the strong response to the IPO and market confidence in its growth prospects.

KUALA LUMPUR: Econframe Bhd’s offer of 16.25 million new shares at 28 sen each to the public under its listing exercise was oversubscribed by 40.23 times.

The total door system solution provider said in a statement on Thursday it received 11,827 applications for 670.02 million new shares with a total value of RM187.60mil.