Edelteq IPO Garners Strong Interest, Shares Oversubscribed By 152.03 Times

It seems investors like tech related IPO’s evident with Edelteq Holdings Berhad’s impending listing which has garnered significant interest from investors for its initial public offering being oversubscribed by 152.03 times ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad.

The Group’s listing entails a public issue of 100,000,000 new ordinary shares at an issue price of RM0.24 per share, representing approximately 18.8% of the enlarged share capital, with expected IPO proceeds of RM24.0 million. In addition, it also offers for sale of 43,200,000 existing shares by way of private placement to selected investors.

Edelteq received a total of 35,292 applications for 4,075,120,200 Shares with a value of approximately RM978.0 million for the 26,630,000 Shares allocated to the Malaysian public, representing an oversubscription rate of 152.03 times. For the Bumiputera category, there were a total of 18,649 applications received for 1,483,358,200 Shares, translating into an oversubscription rate of 110.41 times. As for the other Malaysian public category, 16,643 applications were received for 2,591,762,000 Shares, representing an oversubscription rate of 193.65 times.

The 10,000,000 Shares available for application by eligible employees, as well as persons who have contributed to the success of Edelteq have been fully subscribed.

Meanwhile, the private placement of 63,370,000 Shares available to selected investors has also been completely placed out.

Notices of allotment will be posted to all successful applicants by 6 June 2023.

Edelteq is scheduled to be listed on the ACE Market of Bursa Securities on Wednesday, 7 June 2023. Upon listing, Edeletq will have a market capitalisation of approximately RM127.8 million based on issue price of RM0.24 per share and the enlarged share capital of 532,535,630 shares.

UOB Kay Hian Securities (M) Sdn Bhd is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise

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