PETALING JAYA: 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 bumiputra 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.
