KUALA LUMPUR: ACE Market-bound Chemlite Innovation Bhd’s initial public offering (IPO) has been oversubscribed by 28.41 times.
In a statement, the engineering support services provider said it received 9,288 applications for 882.28 million issue shares worth RM220.57 million from the Malaysian public, reflecting an oversubscription rate of 28.41 times.
For the Bumiputera portion, 4,843 applications were received for 381.16 million issue shares, resulting in a 24.41-times oversubscription.
Meanwhile, the public portion saw 4,445 applications for 501.12 million issue shares, with an oversubscription rate of 32.41 times.
Additionally, all 21 million issue shares allocated to eligible persons were fully subscribed.
The placement agent, UOB Kay Hian Securities (M) Sdn Bhd, confirmed that all 54 million issue shares allocated for private placement to institutional and selected investors have been fully taken up.
Likewise, the 75 million IPO shares, consisting of 15 million issue shares and 60 million offer shares, allocated to MITI-approved Bumiputera investors, were fully subscribed.
“We are incredibly honoured and grateful for the overwhelming response from the investors towards our IPO. The strong demand for our shares is a testament to investor confidence in Chemlite Innovation’s business model, technical capabilities, and growth potential.
“With the funds raised, we are well-positioned to enhance our production capabilities, invest in research and development as well as expand our service offerings to better cater to our customers across various industries,” Chemlite executive director and CEO Chong Yuen Fong said.
UOB Kay Hian is the IPO’s principal adviser, sponsor, underwriter and placement agent.
Chemlite is set to be listed on the ACE Market on March 26.
