Evocom IPO draws 3.6 times oversubscription
KUALA LUMPUR: The public portion of Evocom Bhd’s initial public offering (IPO), ahead of its listing on Bursa Malaysia’s ACE Market, has been oversubscribed by 3.60 times.
KUALA LUMPUR -- The IPO of Evocom Bhd, set to debut on Bursa Malaysia's ACE Market, has been met with a significant amount of interest. The public offering received 6,326 applications for 104.69 million shares, overwhelming the 22.78 million new shares made available to local investors. This results in an oversubscription rate of 3.60 times.
The IPO price is set at 18 sen per share, and it includes 113.91 million new shares alongside an offer for sale of 22 million shares from existing shareholders. The Bumiputera portion of the IPO drew 2,364 applications for 31.10 million shares, with an oversubscription rate of 1.73 times. The Malaysian public portion of the IPO saw 3,962 applications for 73.60 million shares, leading to an oversubscription rate of 5.46 times.
Meanwhile, the private placement of shares to selected investors, selling shareholders, and Bumiputera investors has been fully placed. NewParadigm Securities Sdn Bhd is handling the IPO as the principal adviser, sponsor, sole underwriter, and placement agent.
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