Well Chip public offering oversubscribed 12.87 times

KUALA LUMPUR: The public issue of Well Chip Group Bhd's initial public offering has been oversubscribed 12.87 times.

In a statement, Malaysian Issuing House Sdn Bhd said a total of 13,057 applications for 416.12 million IPO shares were received for the 30 million shares made available for application by the Malaysian public.

For the Bumiputera portion, a total of 3,572 applications for 96.6 million IPO shares were received, representing an oversubscription rate of 5.44 times.

The non-Bumiputera portion, meanwhile, received a total of 9,485 applications for 319.56 million IPO shares, representing an oversubscription rate of 20.3 times.

Further, the joint placement agents have confirmed 75 million IPO Shares offered to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, as well as 45 million IPO shares offered to institutional and selected investors have been fully placed out.

Kenanga Investment Bank Bhd is the principal adviser, managing underwriter, joint underwriter and joint placement agent for the IPO.

CGS International Securities Malaysia Sdn Bhd is the joint underwriter and joint placement agent.

The notices of allotment will be mailed to all successful applicants by July 22, 2024.