ACE Market bound HE Group Berhad saw its IPO oversubscribed by 63.35 times ahead of its listing on the stock exchange.
The company is mainly involved in electrical engineering service, focused on power distribution systems for end-user premises such as industrial plants, as well as industrial and commercial substations.
The comprises of 440,000,000 ordinary shares, featuring a public issue of 86,889,700 new shares at an issue price of RM0.28 per share. This represents 19.75% of the enlarged share capital, with RM24.33 million expected to be raised from the public issue. In addition, there is an offer for sale of 44,000,000 existing shares by way of private placement to selected investors.
HE Group has received a total of 12,201 applicants for 1,415,604,300 shares with a value of approximately RM396,369,204 for the 22,000,000 shares allocated to the Malaysian public, representing an overall oversubscription rate of 63.35 times.
Meanwhile, the private placement of 53,889,700 shares and 44,000,000 offer shares made available for application by way of private placement to selected investors have also been fully placed out.
Notices of allotment will be posted to all successful applicants by 29 January 2024.
HE Group is scheduled to be listed on the ACE Market of Bursa Securities on Tuesday, 30 January 2024. Upon listing, it will have a market capitalisation of approximately RM123.20 million based on the issue price of RM0.28 per share and the enlarged share capital of 440,000,000 shares.
Alliance Islamic Bank Berhad is the Principal Adviser, Sponsor, Sole Underwriter and Placement Agent for the IPO exercise.
