KUALA LUMPUR: The initial public offering (IPO) of Powerwell Holdings Bhd has been oversubscribed by 24.27 times, with a total of 7,219 applications for 601.38 million shares with a value of RM150.34mil received from the Malaysian public for 23.8 million issue shares.
Out of the 23.8 million shares, some 11.9 million shares, or 50% of the issued shares, have been set aside for allotment under the bumiputra category.
Under the bumiputra category, a total of 3,658 applications for 228.25 million issued shares were received, which represented an oversubscription of 18.18 times.
Under the public category, a total of 3,561 applications for 373.13 million issue shares were received, which represents an oversubscription rate of 30.36 times. The 8.35 million offer shares made available for application by the eligible persons have been fully subscribed. The sole placement agent has also confirmed that the 63.9 million issue shares and 49 million offer shares offered to institutional and selected investors as well as bumiputera investors approved by Miti have been fully placed out.
Mercury Securities Sdn Bhd is the principal advisor, sponsor, sole underwriter and sole placement agent for this IPO exercise.
In a release, Powerwell’s managing director Jason Tham said: “We are elated by the over subscription for our IPO shares of over 24 times, a testimony of the trust and confidence the investors have in our business model. The great start to the year is further accentuated with good news as we managed to secure orders of over RM15mil which are expected to be delivered this year.”
https://www.thestar.com.my/business/business-news/2020/01/15/powerwell-ipo-oversubscribed-24-times
