PETALING JAYA: Northern Solar Holdings Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 73.20 times.
The company, which is scheduled to list on the ACE Market of Bursa Malaysia on Feb 6, aimed to raise RM42.4mil from its IPO.
In a statement, the solar renewable energy specialist said a total of 25,772 applications seeking 1.47 billion shares with a value of RM924.59mil were received from the public for 67.3 million new shares made available for subscription.
The bumiputra public portion of shares was oversubscribed by 62.50 times, after a total of 11,865 applications for 628.04 million shares were received.
For the non-bumiputra public portion, a total of 13,907 applications for 839.56 million shares were received, which represents an oversubscription rate of 83.89 times.
