Engineering and project management services provider HSS Holdings Bhd has received a strong response from investors ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad, with its public offering oversubscribed by 10.56 times.
In a statement, M&A Securities Sdn Bhd, acting on behalf of the company, said HSS Holdings received 5,097 applications for 289.1 million shares worth approximately RM52 million from the Malaysian public for the 25 million shares allocated under the public balloting portion.
The company also reported full subscription for the 10 million shares allocated to eligible directors, employees and persons who have contributed to the group’s success.
In addition, the 62.5 million shares earmarked for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) were fully placed out. This tranche comprised 10 million new shares and 52.5 million existing shares.
The private placement tranche involving 30 million new shares offered to selected investors was likewise fully subscribed.
HSS Holdings is seeking a listing on the ACE Market to strengthen its capital base and support future growth plans. M&A Securities is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO.
