SLGC IPO oversubscribed 3.1 times ahead of ACE Market listing
KUALA LUMPUR: SLGC Bhd’s initial public offering (IPO) has been oversubscribed by 3.1 times, ahead of its listing on the ACE Market of Bursa Malaysia Securities.
KUALA LUMPUR - Building construction services provider SLGC Bhd's IPO was 3.1 times oversubscribed, with the Malaysian public portion receiving 4.9 times more applications than available shares. The Bumiputera portion was 1.2 times oversubscribed. The public portion, comprising 28 million new shares, received 4,647 applications for 113.70 million shares valued at RM31.8 million.
All allotment and transfer of IPO shares are scheduled for Oct 2, with the listing on Oct 6. SLGC's managing director attributed the positive response to investor confidence in the company's track record, project execution capabilities, and growth prospects. The IPO is expected to raise RM29.4 million, with proceeds to be used for machinery, debt repayment, working capital, software upgrades, and listing expenses. SLGC's market capitalization upon listing is projected to be around RM156.8 million.
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