Public portion of Critical Holdings's IPO oversubscribed by 88.08 times

KUALA LUMPUR: The public portion of ACE Market-bound Critical Holdings Bhd’s initial public offering (IPO) has been oversubscribed by 88.08 times.

In a statement with Bursa Malaysia today, Malaysian Issuing House Sdn Bhd (MIH), on behalf of Critical Holdings, said that the public issue comprising 74.35 million new ordinary shares was made available for application.

Of the public issue, MIH said Critical Holdings had allocated 18.59 million shares for the Malaysian public, 3.72 million shares for application by eligible directors and employees, 46.47 million shares by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) and 5.58 million shares by way of private placement to selected investors.

It said the company had also allocated an offer for sale of 37.17 million existing shares by way of private placement to selected investors.

"A total of 13,038 applications for 1.66 billion shares were received from the Malaysian public, representing an overall oversubscription rate of 88.08 times.

"For the Bumiputera portion, a total of 7,379 applications for 739.26 million issue shares were received, representing an oversubscription rate of 78.55 times, while 5,659 applications for 916.55 million shares were received under the other Malaysian public portion, representing an oversubscription rate of 97.62 times,” MIH said.

Additionally, it said 3.72 million issue shares made available for application by the eligible directors and employees have been fully subscribed.

It said that MIDF Amanah Investment Bank Bhd, being the principal adviser, sponsor, underwriter and placement agent, has confirmed that the 46.47 million issue shares made available by way of private placement to Bumiputera investors approved by the MITI have been fully placed out.

Meanwhile, it said 5.58 million issue shares and 37.17 million existing shares made available by way of private placement to selected investors have also been fully placed out.

"The notices of allotment will be mailed to all successful applicants by Dec 15, 2023,” it added. - Bernama