Synergy House Berhad which is en-route for IPO has announced that the share allocation to the Malaysian public from its initial public offering has been oversubscribed 14.02 times.
The company which regards itself as a cross-border e-commerce seller and furniture exporter of ready-to-assemble home furniture, is seeking to be listed on the Bursa Stock Exchange on June 1 under the ACE Market.
Synergy House’s IPO involves the issuance of 130 million ordinary shares comprising a public issue of 80 million new shares and an offer for sale of 50 million existing shares.
A total of 12,347 applications for 375,416,300 IPO Shares with a value of RM161,429,009 were received from the Malaysian public, representing an overall oversubscription rate of 14.02 times. Of this, a total of 7,277 applications for 164,159,100 IPO Shares were received for the Bumiputera portion, representing an oversubscription rate of 12.13 times. For the remaining Malaysian public portion, a total of 5,070 applications for 211,257,200 IPO Shares were received, representing an oversubscription rate of 15.90 times.
The 12.5 million IPO Shares made available for application by the eligible persons were also fully subscribed.
Executive Director of Synergy House, Mr. Tan Eu Tah said, “We would like to thank investors for their trust in us and the potential of Synergy House. The market demand for home furniture remains robust and we believe the Group is well-positioned to capitalise on the growing global furniture e-commerce market.
