KUALA LUMPUR: United Asiapac Energy Bhd’s initial public offering (IPO) has been oversubscribed by 21.02 times ahead of its listing on the ACE Market of Bursa Malaysia.
United Asiapac Energy provides specialised well intervention services for Malaysia's upstream oil and gas industry, including fishing, plug and abandonment, sidetracking and other well intervention solutions.
The company received 8,800 applications for 605.44 million shares worth RM211.9mil for the 27.5 million shares made available to the Malaysian public.
For the Bumiputera portion, 5,277 applications for 392.55 million shares were received, representing an oversubscription rate of 27.55 times.
The remaining public portion attracted 3,523 applications for 212.89 million shares, representing an oversubscription rate of 14.48 times.
United Asiapac Energy's IPO involves a public issue of 139.22 million new shares at an issue price of 35 sen apiece.
Apart from the 27.5 million shares offered to the Malaysian public, 10 million shares were allocated to eligible directors, employees and persons who have contributed to the success of the group, while 101.72 million shares were offered to selected investors via private placement.
The portions allocated to eligible persons and selected investors were fully subscribed.
TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.
