KUALA LUMPUR: Jati Tinggi Group Bhd
, en route to a listing on the ACE Market of Bursa Malaysia on Dec 20, has recorded an oversubscription rate of 16.11 times for the public portion of its initial public offering (IPO).
Jati Tinggi, one of the players in the field of infrastructure utilities engineering industry, received a total of 5,195 applications for 335.37 million public issue shares worth RM90.55mil from the public, representing an overall oversubscription rate of 16.11 times.
For the Bumiputera portion, 2,879 applications for 145.1 million public issue shares were received, representing an oversubscription rate of 13.81 times while remaining Malaysian public portion, 2,316 applications for 190.25 million public issue shares were received, representing an oversubscription rate of 18.41 times.
The 10 million public issue shares made available for application by the eligible parties have been fully subscribed.
“The oversubscription of our IPO is an affirmation of the market's confidence in our business strategies and future growth. This level of investor enthusiasm fortifies our commitment to keep driving forward our future plans in the infrastructure utilities engineering industry.
“We are immensely grateful for this vote of confidence and are poised to leverage this momentum for sustained growth and enhanced stakeholder value,” independent non-executive chairman Datuk Ir. Mohd Aminuddin Mohd Amin said in a statement.
TA Securities Holdings Bhd, the principal adviser, sponsor, underwriter and placement agent for the IPO, confirmed that the 23.2 million public issue shares made available by way of private placement to selected investors have been fully placed out.
