NWE Resources' IPO public portion oversubscribed 2.82 times

KUALA LUMPUR - The initial public offering (IPO) portion allocated to the Malaysian public of NWE Resources Group Bhd was 2.82 times oversubscribed upon its listing on the ACE Market of Bursa Malaysia, according to a company filing with Bursa Malaysia. The IPO involved the allocation of 103.16 million issue shares, of which 3,068 applications were received from the Malaysian public, resulting in an oversubscription rate of 3.76 times.

The Bumiputera portion, consisting of 38.93 million issue shares, saw 1,536 applications, with an oversubscription rate of 1.88 times. The remaining 10.8 million issue shares were subscribed for by eligible persons, while the 105.34 million shares offered through private placement to selected investors were fully placed by the placement agent. None of the 16 identified investors became substantial shareholders as a result of the IPO.