KUALA LUMPUR: Steel products maker Colform Group Bhd’s initial public offering (IPO) of 30 million shares has been oversubscribed by 41.82 times.
In a statement, the group announced that it received a total of 19,669 applications for 1.28 billion issue shares, valued at RM462.46mil, from the Malaysian public, reflecting an overall oversubscription rate of 41.82 times.
For the Bumiputera portion, the group received 9,619 applications for 518.81 million shares, resulting in an oversubscription rate of 33.59 times.
For the public portion, a total of 10,050 applications for 765.79 million shares were received, representing an oversubscription rate of 50.05 times.
Colform is expected to debut on the ACE Market on Feb 10, 2025. Its IPO aims to raise RM41.19 mil to expand its steel manufacturing and installation operations.
Based on an IPO price of 36 sen per share, it will have a market capitalisation of RM216mil.
Mercury Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter, and placement agent for the IPO.
