KUALA LUMPUR (Oct 12): Betamek Bhd said its initial public offering (IPO) was oversubscribed by 17.06 times by the Malaysian public.
In a statement on Wednesday (Oct 12), the electronics manufacturing services (EMS) provider specialising in design and development, procurement and manufacturing of customised electronics and components for the automotive industry said a total of 6,682 applications for 406,311,800 new shares were received.
It said the notices of allotment will be mailed to successful applicants on or after Oct 25.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO.
Betamek managing director Mirzan Mahathir said the oversubscription was an encouraging sign.
We believe that our prospects in the automotive EMS industry are favourable, taking into account the recovery and long-term growth of the automotive industry, the sales target of our customer, our competitive strengths, and our business strategies.
“As hybrid, electric and autonomous vehicles gain global market share, Betamek is also in a unique position to leverage this growing market trend, and expand and diversify our product offerings with competitive solutions.
The company’s listing on the ACE Market of Bursa Malaysia is tentatively scheduled for Oct 26.