KUALA LUMPUR (Nov 16): Automated manufacturing solution provider ECA Integrated Solution Bhd, en route to list on the ACE Market of Bursa Malaysia on Nov 23, said its initial public offering (IPO) was oversubscribed by 110.17 times by the Malaysian public.
In a statement on Wednesday (Nov 16), ECA said a total of 19,139 applications for 3.21 billion new shares were received for the 28.88 million shares made available to the Malaysian public.
A total of 8,980 applications for 1.02 billion new shares were received under the Bumiputera category, representing an oversubscription rate of 69.64 times, while 10,159 applications for 2.19 billion new shares were received under the public category, representing an oversubscription rate of 150.69 times.
ECA said the total of 14.4 million new shares available for application by the eligible directors, employees and persons who have contributed to the success of ECA group have also been fully subscribed.
It added that 106.72 million new shares and 48 million offer shares made available for application by way of private placement to selected investors have been fully placed out.
Under its listing exercise, ECA aims to raise RM25.5 million from its public issue of 150 million new shares at an issue price of 17 sen per share.
UOB Kay Hian Securities (M) Sdn Bhd is the principal adviser, sponsor, placement agent and underwriter for the initial public offering exercise.
It said the notices of allotment will be mailed to successful applicants on or after Nov 22.