NationGate IPO oversubscribed by 16.49 times

NationGate is expected to raise RM165.5mil from its public issue of 435.53 million shares at an issue price of RM0.38 per share.

PETALING JAYA: The public portion of electronics manufacturing services provider Nationgate Holdings Bhd’s initial public offering (IPO) has been oversubscribed 16.49 times.The ACE Market-bound company said there was a total of 20,444 applications for 1.81 billion new shares valued at RM689.16mil received from the Malaysian public.

The bumiputra public portion of shares was oversubscribed 9.1 times with a total of 9,431 applications for 523.5 million new shares received.