Alan Ong, Managing Director of Sin-Kung Logistics Bhd. — KK SHAM/ The Star
PETALING JAYA: Integrated logistics service provider Sin-Kung Logistics Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 26.5 times.
A total of 13,179 applications seeking 1.7 billion new shares were received from the public for 60 million new shares that were made available for public subscription.
In a statement, the company said the bumiputra public portion of shares was oversubscribed by 21.7 times, after a total of 7,360 applications for 680.7 million new shares were received.
For the non-bumiputra public portion, a total of 5,819 applications for 971.8 million new shares were received, which represents an oversubscription rate of 31.4 times.
Sin-Kung Logistics, which is scheduled to list on the ACE Market of Bursa Malaysia on May 15, 2024, aims to raise RM26mil from its IPO.
