PETALING JAYA: CBH Engineering Holding Bhd’s initial public offering (IPO) of 94.05 million shares has been oversubscribed by 34.21 times.
In a statement, the ACE Market-bound electrical engineering service provider said a total of 24,992 applications for 3.31 million shares worth RM927.2mil were received from the Malaysian public.
For the bumiputra portion, a total of 12,175 applications for 1.28 billion shares were received, which represents an oversubscription rate of 26.13 times.
For the public portion, a total of 12,817 applications for two billion shares were received, which represents an oversubscription rate of 42.29 times.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.
CBH Engineering will be listed on the ACE Market of Bursa Securities on Jan 16.
As of the end of financial year 2023 the company commanded a net cash position of RM42.9mil with no borrowings. On a pro forma basis, fresh proceeds of RM83.4mil are expected to bolster the group’s net cash position to RM108.1mil.
