KUALA LUMPUR: Manforce Group Bhd
's public portion of its initial public offering (IPO) has been oversubscribed by 3.47 times, in conjunction with its transfer of listing from the LEAP Market to the ACE Market of Bursa Malaysia.
The foreign workforce management, manual labour services and hostel management solutions provider said the share offer, priced at 38 sen per share, attracted a total of 2,932 applications for 61.41 million issue shares, with a total value of RM23.34 million.
The IPO exercise involves a public issue of 79,996,000 new ordinary shares and an offer for sale of 19,999,000 existing shares.
It noted that Tricor Investor and Issuing House Services Sdn Bhd said the 19,999,000 issue shares allocated to the Malaysian public recorded an overall oversubscription rate of 2.07 times.
For the bumiputera portion, a total of 1,270 applications for 16.73 million shares were received for an oversubscription rate of 0.67 times.
Meanwhile, the public portion received 1,662 applications for 44.68 million shares, representing an oversubscription rate of 3.47 times.
In addition, the 10 million shares allocated to eligible directors and employees were fully subscribed, reflecting internal confidence in the company’s prospects.
The institutional and private placement tranches also achieved full subscription.
This includes 29,999,000 issue shares and 19,999,000 offer shares allocated to bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), as well as 19,998,000 issue shares placed out to selected investors.
Notices of allotment would be issued to successful applicants on May 4, 2026.
M&A Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO, while Eco Asia Capital Advisory Sdn Bhd serves as the financial adviser. - Bernama
