Issuing house Tricos has announced that main market-bound Seng Fong Holdings Berhad shares have been oversubscribed by 3.09 times.
A total of 3,968 applications for 106,046,800 IPO Shares with a value of RM79,535,100 were received from the Malaysian public, which represents an overall oversubscription rate of 3.09 times. For the Bumiputera public portion, a total of 2,097 applications for 31,762,400 IPO Shares were received, which represents an oversubscription rate of 1.45 times. For the remaining Malaysian public portion, a total of 1,871 applications for 74,284,400 IPO Shares were received, which represents an oversubscription rate of 4.73 times.
Meanwhile, the 16,250,000 IPO Shares available to the eligible directors and employees of the Group and persons who have contributed to the success of the Group have also been fully subscribed.
Managing Director of Seng Fong, Mr. Er Hock Lai said, “We would like to thank investors for their response to our IPO as this is an indication of their confidence in the fundamentals of the business. We can now look forward to capturing opportunities arising from the increasing demand from existing customers as well as from new customers as we ramp up production through the hiring of more people for a second shift and implementing ESG initiatives to make our business more sustainable.”
Group Managing Director/ Chief Executive Officer of Hong Leong Investment Bank, Ms. Lee Jim Leng said: “We are pleased with the reception from investors to Seng Fong’s IPO reflecting their confidence in the solid fundamentals of the business and in the leadership as well as vision of the founders and promoters.”
Hong Leong Investment Bank Berhad is the Principal Adviser, Underwriter, and Placement Agent for the IPO.
The notices of allotment will be posted to all successful applicants on or before 6 July 2022. The company will list on the Main Market of Bursa Malaysia Securities Berhad on 7 July 2022.
