Nestcon IPO oversubscribed

PETALING JAYA: Nestcon Bhd, slated to be listed on the Ace Market of Bursa Malaysia on June 29, has seen the public portion of its initial public offering (IPO) oversubscribed by 57.13 times.

In a statement, the construction company said its listing entailed a public issue of 160.96 million new ordinary shares at an issue price of RM0.28 per share, representing 25% of its enlarged share capital.

The IPO exercise is set to raise about RM45mil in proceeds, along with an offer for sale of over 32 million existing shares. — Bernama

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