KUALA LUMPUR: Enterprise information technology (IT) solutions provider, Vetece Holdings Bhd’s initial public offering (IPO) has been oversubscribed by 187.41 times.
The company received a total of 31,054 applicants for 3.69 billion shares, valued at RM923.23mil, for the 19.6 million shares allocated to the Malaysian public. This represents an oversubscription rate of 187.41 times.
Vetece said the 9.8 million issue shares allocated for eligible directors, key senior management, employees, and contributors to the company’s success have also been fully subscribed.
Meanwhile, the 68.6 million issue shares and 39.2 million offer shares by way of private placement to selected investors have also been fully placed out.
“The strong response to our IPO underscores investor confidence in Vetece’s growth prospects. These funds will be instrumental in accelerating our strategic initiatives, including expanding our market reach and enhancing our portfolio of enterprise IT solutions.
“By focusing on innovation and customer needs, we aim to solidify our position as one of the lead providers of enterprise IT solutions, both domestically and regionally,” executive vice chairman Vernon Tee Chee Chiang said in a statement.
Vetece is scheduled to be listed on the ACE Market on Aug 28, 2024.
Upon listing, Vetece will have a market capitalisation of approximately RM98mil based on issue price of 25 sen per share and the enlarged issued share capital of 392 million shares.
Kenanga Investment Bank Bhd
is the principal adviser, sponsor, underwriter and placement agent for the IPO.
