PETALING JAYA: Pioneer Heat Holdings Bhd’s initial public offering (IPO) has been oversubscribed by 47.8 times, ahead of its listing on the ACE Market of Bursa Securities on Sept 17.
In a statement, the mechanical engineering services provider said its IPO comprises a public issue of 86.7 million new ordinary shares and an offer for sale of 17.35 million existing ordinary shares.
Additionally, 17.35 million new shares, representing approximately 5% of the group’s enlarged issued share capital, will be made available for application by the Malaysian public.
Meanwhile, 10.41 million new shares, representing approximately 3% of the group’s enlarged issued share capital, will be allocated to eligible directors and employees, as well as persons who have contributed to the success of Pioneer Heat and its subsidiaries.
“The group received a total of 9,512 applications for 846.47 million issue shares from the Malaysian public, representing an overall oversubscription rate of 47.8 times.
“Of this, 5,142 applications for 506.08 million shares were received under the bumiputra public portion, representing an oversubscription rate of 57.35 times, while 4,370 applications for 340.4 million shares were received under the other Malaysian public portion, representing an oversubscription rate of 38.25 times,” the statement noted.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for this IPO.
