PETALING JAYA: AMS Advanced Material Bhd’s initial public offering (IPO) has been oversubscribed by 9.03 times following strong demand from investors ahead of its ACE Market listing on April 23.
In a statement, the Penang-based aluminium specialist said it received 8,110 applications for 307.03 million shares for the 30.6 million shares made available to the public, representing an oversubscription rate of 9.03 times.
The bumiputra portion was oversubscribed by 2.98 times, while the remaining was oversubscribed by 15.08 times.
Shares allocated to eligible directors and employees, as well as the institutional offering, were fully subscribed.
AMS managing director Keh Teng Yang said the response reflected confidence in the company’s business and growth prospects.
“We have also attracted participation from seven institutional funds for the placement of our shares.”
