ACE Market-bound Go Hub Capital's IPO oversubscribed by 78.71 times

Go Hub executive director and CEO Tan Cherng Thong

PETALING JAYA: ACE Market-bound Go Hub Capital Bhd’s initial public offering (IPO) has been oversubscribed by 78.71 times.

The transportation information technology solutions provider, which is set to list on July 3, 2024, said in a statement that it had received a total of 20,452 applications for 1.59 billion IPO shares worth RM557.94mil from the Malaysian public, representing an oversubscription rate of 78.71 times.

“The Bumiputera portion saw 10,835 applications for 656.49 million IPO shares, with an oversubscription rate of 64.65 times.

“The public portion recorded 9,617 applications for 937.61 million IPO shares, indicating an oversubscription rate of 92.76 times.”

Meanwhile, a total of 12 million IPO shares are available for application by the eligible persons were fully subscribed.

UOB Kay Hian Securities (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent in conjunction with the IPO.

Executive director and CEO Tan Cherng Thong said the exceptional response to its IPO underscores the market's confidence in Go Hub’s business and future prospects.

“This overwhelming investor enthusiasm in the IPO and our company is a strong testament to our strategic vision. It serves as both validation of our beliefs and a powerful impetus, fortifying our commitment to delivering innovative and pioneering IT solutions for public transportation,” he said in a statement.