Public tranche of Sunview IPO oversubscribed by 63.19 times


KUALA LUMPUR: ACE Market-bound Sunview Group Bhd’s public portion of its initial public offering (IPO) have been oversubscribed by 63.19 times.

The end-to-end solar photovoltaic (PV) system construction player is scheduled to be listed on the ACE Market of Bursa Malaysia on Oct 17, 2022, where it aims to raise RM34.22 million from its IPO at an issue price of 29 sen apiece.

Malaysian Issuing House Sdn Bhd said, on behalf of Sunview, that the company had received 13,240 applications for 1.51 billion new shares from the Malaysian public, representing an oversubscription rate of 63.19 times.

"A total of 7,116 applications for 600.24 million new shares were received under the Bumiputera category, representing an oversubscription rate of 49.87 times.

"Whilst 6,124 applications for 914.74 million new shares were received under the other Malaysian public category, representing an oversubscription rate of 76.52 times,” it said in a statement to Bursa Malaysia today.

Sunview’s 9.0 million new shares made available for application by eligible directors, employees and persons who have contributed to the success of the group were fully subscribed.

The 85.40 million new shares made available for application by way of a private placement to selected investors had also been fully placed.

Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for the company’s IPO exercise. - Bernama

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