KUALA LUMPUR: ES Sunlogy Bhd, en route to a listing on the ACE Market of Bursa Malaysia on Feb 20, saw its initial public offering (IPO) oversubscribed by 60.13 times.
The mechanical and electrical (M&E) engineering services and renewable energy solutions provider said it received 23,723 applications for 2.14 billion issue shares, valued at RM641.8mil, from the Malaysian public, representing an overall oversubscription rate of 60.13 times.
A total of 10,627 applications for 699.3 million issue shares were received for the Bumiputera portion, reflecting an oversubscription rate of 38.96 times.
For the public portion, a total of 13,096 applications for 1.44 billion issue shares were received, representing an oversubscription rate of 81.29 times.
Meanwhile, the 17.5 million issue shares available for application by eligible persons have also been fully subscribed.
The placement agent, M & A Securities Sdn Bhd, has confirmed that all 87.5 million issue shares allocated through private placement to selected investors, including Bumiputera investors approved by MITI, have been fully placed.
It has also confirmed that all 70 million existing shares allocated through private placement to selected investors have been fully subscribed.
M & A Securities is the adviser, sponsor, underwriter and placement agent for this IPO.
Meanwhile, ES Sunlogy managing director Khor Chuan Meng said: “We are truly humbled by the overwhelming response from investors, which reflects strong confidence in ES Sunlogy’s vision and growth potential. The funds raised from this IPO will support our expansion in the M&E engineering and renewable energy sectors, further strengthening our capabilities and positioning us for long-term success.”
