Integrated palm oil milling services provider, Ecoscience International Berhad has raised substantial interest for its initial public offering, which has been oversubscribed by 7.23 times ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad.
Ecoscience’s IPO offering of 112,169,500 ordinary shares comprises a public issue of 82,169,500 new Shares and an offer for sale of 30,000,000 existing Shares. At an issue price of RM0.30 per share, the Company is raising approximately RM24.7 million in proceeds.
The company received a total of 3,908 applications for 139,891,600 Shares with a value of approximately RM42 million for the 17,000,000 Shares allocated to the Malaysian public, representing an oversubscription rate of 7.23 times.
- As for the Bumiputera public portion, a total of 2,187 applications for 59,730,900 Shares were received, translating to an oversubscription rate of 6.03 times. While for the non-Bumiputera public portion, a total of 1,721 applications for 80,160,700 Shares were received, representing an oversubscription rate of 8.43 times.
The 6,800,000 Shares available for application by the eligible directors and employees, and persons who have contributed to the success of Ecoscience have been fully subscribed.
Meanwhile, the private placement of 45,869,500 Shares available to selected investors along with 42,500,000 Shares available to Bumiputera investors approved by the Ministry of International Trade and Industry has also been fully placed out.
Notices of allotment will be posted to all successful applicants on or before 15 July 2022.
The group plans to use the proceeds to incorporate a wholly-owned subsidiary as well as the establishment of a new fabrication facility and office in Indonesia. Upon listing, Ecoscience will have a market capitalisation of RM102 million based on the issue price of RM0.30 and its enlarged share capital of 340,000,000 shares.
Hong Leong Investment Bank Berhad is the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO exe
