MTAG’s IPO oversubscribed by 3.84 times

MTAG’s IPO oversubscribed by 3.84 times
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KUALA LUMPUR (Sept 9): MTAG Group Bhd, slated for a listing on the ACE Market of Bursa Malaysia on Sept 25, saw the public tranche of its initial public offering oversubscribed by 3.84 times.

The printing and materials converting group received 3,518 applications for 164,917,000 new shares, with total value of RM87.4 million.

“We are delighted with the encouraging interest from the public. This indicates a vote of confidence and belief in MTAG. In addition, this also further validates our decision to list on Bursa Securities,” said MTAG group managing director Chaw Kam Shiang.

For the Bumiputera portion, a total of 1,639 applications for 47.7 million new shares were received, translating to an oversubscription of 1.8 times.

A total of 1,879 applications for 117.22 million new shares were received for the remaining public portion, which represents an oversubscription rate of 5.88 times.

Meanwhile, the 14 million shares earmarked for eligible directors, employees and persons who have contributed to the success of the group, as well as the private placement of 68.16 million shares to Bumiputera investors approved by the Ministry of International Trade and Industry and the 20.07 million new shares made available to selected investors, have all been placed out.

M&A Securities is the adviser, sponsor, underwriter and placement agent for MTAG’s IPO.