PETALING JAYA: Eckem Holdings Bhd’s initial public offering (IPO) has been oversubscribed by 8.09 times ahead of its listing on the ACE Market of Bursa Malaysia Securities Bhd.
In a statement, the specialty industrial chemical solutions provider said its IPO comprises a public issue of 125 million new ordinary shares and an offer for sale of 62.50 million existing shares.
“The group received a total of 5,152 applications for 284.03 million issue shares from the Malaysian public, representing an overall oversubscription rate of 8.09 times.
“Of this, 1,645 applications for 81.87 million issue shares were received under the Bumiputera public portion (oversubscribed by 4.24 times), while the remaining 3,507 applications for 202.16 million issue shares under the other Malaysian public portion recorded an oversubscription of 11.94 times.”
Eckem added that all 15.63 million issue shares allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry of Malaysia were fully taken up, following the application of clawback and reallocation provisions.
Eckem is scheduled to be listed on the ACE Market on July 3.
