KUALA LUMPUR (June 24): Instant beverage premix manufacturer Orgabio Holdings Bhd's initial public offering (IPO) for the public portion has been oversubscribed by 50.86 times.

In a statement on Friday (June 24), the company said a total of 7,562 applications seeking 642.7 million new shares were received from the Malaysian public for 12.39 million new shares that were made available for public subscription.

It said the bumiputera public portion of shares was oversubscribed by 45.52 times, after a total of 4,674 applications for 288.3 million shares were received.

Meanwhile, 2,888 applications for the remaining public portion amounting to 354.4 million shares were received, representing an oversubscription rate of 56.19 times.

Orgabio said the 6.2 million new shares offered to its eligible directors and employees had also been fully subscribed.

Orgabio executive deputy chairman Datuk Ean Yong Tin Sin said the response received for the company's IPO signified the public's confidence in its growth prospects.

"We are grateful to see strong support from retail investors in our shares. The support garnered is an encouraging sign as Orgabio embarks on its next stage of growth as a public-listed company," he added.

Orgabio is the third largest instant beverage premix manufacturer (for third-party brand owners) in Malaysia with 16 years of track record in the industry.

Orgabio is scheduled to list on the ACE Market of Bursa Securities on July 5, 2022.

M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.