Northern Solar IPO oversubscribed by 73.2 times

(From left) Northern Solar Holdings Bhd chairman Amirul Azhar Baharom, executive director Edward Chew, Norwatt Power Sdn Bhd shareholder Tengku Arif Temenggung Tengku Fahad Mua’adzam Shah Al-Marhum Sultan Ahmad Shah, Northern Solar managing director Lew Shoong Kai, M&A Equity Holdings Bhd managing director Datuk Bill Tan and M&A Securities Sdn Bhd corporate finance head Gary Ting.

KUALA LUMPUR: ACE Market-bound Northern Solar Holdings Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 73.20 times.

In a statement today, the solar renewable energy company said it received 25,772 applications for 1.47 billion shares valued at RM924.59 million, compared to the 67.3 million shares available for public subscription.