Glostrext Berhad’s initial public offering for the public portion has been oversubscribed by a whopping 173.54 times.
A total of 18,730 applications seeking 3.55 billion new shares, valued at RM 674.94 million were received from the Malaysian public for 20.35 million new shares that were made available for public subscription.
The Bumiputera public portion of shares was oversubscribed by 189.11 times, after a total of 11,756 applications for 1.93 billion new shares received.
For the remaining public portion, a total of 6,974 applications for 1.62 billion new shares were received, which represents an oversubscription rate of 157.97 times.
Meanwhile, the 10.18 million new shares for its eligible Directors, employees, and persons who have contributed to the success of Glostrext Group have also been fully subscribed.
In addition, its Placement Agent has confirmed that 91.58 million shares made available for application by way of private placement to selected investors have been fully placed out.
Ir. Dr. Lee Sieng Kai, Managing Director of Glostrext, said the Company is overwhelmed with the strong support from the retail investors for its IPO despite a short share application opening period.
“As a leading geotechnical instrumentation service provider, we hope to create greater awareness for geotechnical instrumentation services using our in-house developed real-time online structural and ground instrumentation and monitoring services – Glostrext WiNA platform.
“When big cities like Singapore and Kuala Lumpur become more developed, the completed buildings, infrastructures and facilities will need monitoring as it involves public safety, for example, MRT lines and tunnels.
“That is when sensors and instruments come in. Sensors and instruments will give you the superpower to measure something about the world that you cannot detect with just your human senses. We, Glostrext, are the one providing the instruments and monitoring technology to the industry,” he added.
“WiNA platform enables us to connect project owners/consultants/ contractors and all related parties to live monitoring data and visualization of data anytime, anywhere. Our continuous improvement on WiNA platform will transform our monitoring business to become more digitally-enabled, which can lead to significant improvement in overall performance, in line with technological advancements,” Dr Lee further added.
Glostrext is expected to list on the ACE Market of Bursa Malaysia Securities Berhad on 15 August 2023.
M & A Securities Sdn Bhd is the Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise.
