ACE market bound Volcano IPO oversubscribed

KUALA LUMPUR (Bernama) -- Volcano Bhd, which is slated to be listed on the ACE Market of Bursa Malaysia on April 6, 2021, saw its initial public offering (IPO) for the public portion oversubscribed by 176.6 times.

The nameplates and plastic injection moulded parts manufacturer said in a statement today that for the upcoming IPO, a total of 23,838 applications for about 1.46 billion new shares with a value of RM512.82mil were received from the Malaysian public.

"It represents an overall oversubscription rate of 176.6 times for the 8.25 million new shares made available for application by the Malaysian public,” it said.

Volcano is raising RM8.75mil from the IPO exercise.

From the proceeds, the group will spend RM5.55mil for the purchase of machinery and equipment, while RM3.2mil will be used for listing expenses.

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