This article first appeared in The Edge Financial Daily on July 3, 2019

KUALA LUMPUR: Main Market-bound integrated engineering supporting services provider UWC Bhd announced yesterday that its initial public offering (IPO) has been oversubscribed by 4.98 times.

In a filing with Bursa Malaysia, UWC said a total of 4,274 applications for 119.57 million issued shares with a value of RM98.05 million were received from the Malaysian public for the 20 million shares available for application, representing an overall oversubscription rate of 4.98 times.

This comes from 1,372 applications for 29.02 million shares for the 10 million shares available for application by bumiputera investors, representing an oversubscription rate of 1.9 times.

The remainder public portion drew a total of 2,902 applications for 90.55 million shares for the 10 million shares available for application, representing an overall oversubscription rate of 8.05 times.

UWC added that three million shares were available for application by eligible persons have also been fully subscribed.

Its placement agent, Hong Leong Investment Bank Bhd, also confirmed that the 80.02 million IPO shares set aside for private placement to identified bumiputera investors approved by the international trade and industry ministry and selected investors have also been fully placed out.

It was previously reported that UWC was aiming to raise RM57.4 million from its IPO on the Main Market of Bursa Malaysia, at an issue price of 82 sen per share.

UWC is slated to be listed next Wednesday.