KUALA LUMPUR: EGH International Bhd’s initial public offering (IPO) has been oversubscribed by 2.63 times by the Malaysian public ahead of its listing on the ACE Market of Bursa Malaysia.

The turnkey interior fit-out solutions provider is scheduled to make its ACE Market debut on Oct 16.

Malaysian Issuing House Sdn Bhd (MIH) said a total of 3,101 applications for 131.33 million shares were received for the 50 million shares allocated to the Malaysian public.

The Bumiputera portion was oversubscribed by 1.64 times, with 1,048 applications for 40.98 million shares.

The other Malaysian public portion was oversubscribed by 3.61 times, attracting 2,053 applications for 90.35 million shares.

Additionally, the 30 million shares allocated to eligible directors and employees of EGH International and its subsidiaries, as well as other eligible persons, were fully subscribed.

MIH said the 280 million shares offered through private placement to institutional and selected investors were also fully placed out.

The IPO comprises a public issue of 240 million new shares and an offer for sale of up to 120 million existing shares at 16 sen apiece.

Berjaya Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.