Enest Group Berhad’s initial public offering (IPO) has been oversubscribed by 1.94 times ahead of its listing on the ACE Market of Bursa Malaysia.
On behalf of the company, M&A Securities said the public offering attracted 2,871 applications for 85.53 million new shares valued at RM11.12 million, exceeding the 29.08 million shares made available to the Malaysian public.
The Bumiputera public portion received 1,474 applications for 29.85 million shares, representing an oversubscription rate of 1.05 times.
Meanwhile, the public portion for other Malaysian investors drew 1,397 applications for 55.69 million shares, translating into an oversubscription rate of 2.83 times.
The company also reported strong demand across the other tranches of its IPO.
The 8.72 million shares allocated to eligible directors, employees and individuals who contributed to the group’s success were fully subscribed.
In addition, all 72.66 million new shares earmarked for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) under the private placement exercise were fully placed out after applying the relevant clawback and reallocation provisions.
The private placement tranche for selected investors was also fully subscribed, with all 20.87 million shares, comprising 5.81 million new shares and 15.05 million existing offer shares, successfully placed.
Enest Group is scheduled to debut on the ACE Market following the completion of its IPO exercise.
