Cnergenz’s IPO oversubscribed by 40.32 times

Cnergenz Bhd chief executive officer Lye Yhin Choy

KUALA LUMPUR: ACE-Market bound Cnergenz Bhd's initial public offering (IPO) has been oversubscribed by 40.32 times.

The electronics manufacturing solutions provider said a total of 16,186 applications for 1.033 million issue shares were received from the Malaysian Public, representing an oversubscription rate of 40.32 times.

“A total of 9,089 applications for 376.24 million issue shares were received under the Bumiputera category, representing an oversubscription rate of 29.10 times, whilst a total of 7,097 applications for 656.85 million issue shares were received under the other Malaysian public category, representing an oversubscription rate of 51.55 times,” it said in a statement.

Chief executive officer Lye Yhin Choy said: “We are extremely pleased with the reception to our IPO as it shows deep investor confidence in our business, our solutions capabilities, and the overall optimism and positive outlook of the electronics and semiconductor industry.”

Cnergenz is expected to list on the ACE Market of Bursa Malaysia on May 24. It expects to raise RM58mil from the IPO.

UOB Kay Hian, being the Principal Adviser, sponsor, underwriter and placement agent in conjunction with the IPO, has confirmed that the 52.75 million issue shares by way of private placement to identified institutional and/or selected investors have been fully placed out.