Friday 29 Mar 2024
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KUALA LUMPUR (July 1): Infoline Tec Group Bhd, en route to list on the ACE Market of Bursa Malaysia on July 13, saw the public portion  of its initial public offering (IPO) oversubscribed by 60.9 times.

In a statement on Friday (July 1), the information technology (IT) infrastructure and cybersecurity solution provider said it received a total of 10,630 applications for 1.12 billion shares worth RM359.74 million for 18.16 million new shares made available for the Malaysian public under the IPO.

"For the Bumiputera public portion, a total of 4,829 applications for 362.56 million shares were received, representing an oversubscription rate of 38.92 times. For the remaining public portion, a total of 5,801 applications for 761.64 million shares were received, translating to an oversubscription rate of 82.87 times," it added.

The notices of allotment will be posted to all successful applicants by July 8.

“We are very pleased with the positive response received for our IPO as it reflects the market’s confidence towards Infoline Tec’s business fundamentals and growth prospects. Moving forward, demand for IT infrastructure and cybersecurity solutions will continue to grow in tandem with the rapid adoption of digital technologies for personal and business uses," Infoline Tec chief executive officer Choo Wei Chuen said in the statement.

The company expects to raise RM23.68 million from its IPO, which will be mainly used to enhance its capabilities and strengthen its market position to capture the growing demand for IT solutions as the world moves towards the digital era.

MIDF Amanah Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.

Edited ByKang Siew Li
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