UUE's IPO oversubscribed by 103.83 times

KUALA LUMPUR: Underground utilities engineering solutions company, UUE Holdings Bhd, en route to a listing on the ACE Market of Bursa Malaysia on July 2, has received an overwhelming response for its initial public offering (IPO), with an oversubscription rate of 103.83 times.

The company said a total of 25,019 applications for 3.19 million shares with a value of RM765.24 million were received from the Malaysian public.

"For the bumiputera portion, a total of 12,691 applications for 1.14 million shares were received, which represents an oversubscription rate of 74.03 times.

"As for the public portion, a total of 12,328 applications for 2.05 million shares were received, which represents an oversubscription rate of 133.64 times,” it said in a statement today.

UUE noted that 40.59 million new shares which were made available for application by eligible directors, employees and persons who have contributed to the success of the company had also been fully subscribed.

The company also confirmed that the 38.57 million new shares and 37.46 million offer shares by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) as well as 15.32 million shares by way of private placement to selected investors have been fully placed out.

It added the notices of allotment will be posted to all successful applicants on June 28, 2024.

M & A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for this IPO. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

UUE , IPO , oversubscribed , Bursa Malaysia , ACE Market


Next In Business News

Berjaya Rail joins Malaysia Rail Industry Corp as new member
BIG Industries announces cessation of concrete division
Zhulian expects inflationary pressures to impact consumer spending
Ringgit strengthens against US dollar, rally expected until year-end
ILB Group to purchase solar assets totalling RM98mil
PGF Capital partners with Centria for exclusive distribution in Malaysia
Pavilion REIT posts RM67mil net profit in 2Q, declares 4.53 sen dividend
Bintai Kinden bags two construction contracts worth RM25.68mil
Sarawak attracts RM4.2bil investments in 1Q24, poised to receive more green investments
PTTS acquires two pieces of land from Sime Darby Property for RM22mil

Others Also Read