PETALING JAYA: ACE Market-bound Wawasan Dengkil Holdings Bhd saw its initial public offering (IPO) shares being oversubscribed by 17.39 times ahead of its listing later this month.
In a statement, the earthworks and civil engineering construction services provider said it had received a total of 8,562 applications for 496.66 million shares with a value of about RM124.2mil for the 27 million shares allocated to the public.
Wawasan Dengkil is looking to raise RM27.01mil from its IPO. Out of that sum, RM7.58mil (28.1%) has been earmarked for the acquisition of machinery and commercial vehicles.
Another RM9.85mil (36.5%) has been set aside for project working capital. Additionally, RM1.43mil (5.3%) has been set aside for general working capital to support its daily operations.
