Sum Technology Berhad’s initial public offering (IPO) has been oversubscribed by 110.54 times ahead of its scheduled listing on the ACE Market of Bursa Malaysia Securities Berhad.
The company said the public portion of the IPO attracted strong investor interest, with a total of 19,834 applications received for 2.51 billion shares valued at approximately RM702.7 million.
The IPO, priced at RM0.28 per share, involves the issuance of 117 million new ordinary shares.
Meanwhile, the public portion recorded 10,961 applications for 1.69 billion shares, translating into an oversubscription rate of 149.14 times.
The 4.5 million shares allocated to eligible employees of the group were fully subscribed.
In addition, the private placement portions were fully taken up, comprising 56.25 million shares allocated to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), and 33.75 million shares placed out to selected investors.
The IPO is expected to raise approximately RM32.8 million in gross proceeds for the company.
Notices of allotment will be issued to successful applicants on June 15, 2026.
Malacca Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO.
Sum Technology is slated to make its debut on the ACE Market of Bursa Malaysia following the completion of the listing exercise.
