KUALA LUMPUR: Swift Energy Technology Bhd's initial public offering (IPO) shares for the Malaysian public have been oversubscribed by 58.09 times ahead of its ACE Market listing on Jan 8, 2025.
The provider of industrial automation and power systems said in a Bursa Malaysia filing today that the Malaysian public submitted 24,041 applications for 2.96 billion issued shares valued at RM827.91 million.
For the Bumiputera portion, 12,048 applications were submitted for 1.28 billion shares, reflecting an oversubscription rate of 49.99 times, while 11,993 applications for 1.68 billion shares were received for the public portion, representing an oversubscription rate of 66.19 times.
"A total of 50.04 million issue shares made available for application by eligible persons have been fully subscribed. Another 125.1 million issue shares allocated to Bumiputera investors approved by the Ministry of International Trade and Industry via private placement have been fully placed out,” the company said.
Additionally, 25.02 million issued shares and 50.04 million offer shares allocated to selected investors via private placement have also been fully placed out.
With the IPO price of 28 sen per share, Swift Energy aims to raise RM70.06 million.
M & A Securities Bhd is Swift Energy's principal adviser, sponsor, sole underwriter, and placement agent for the IPO. - Bernama
