KUALA LUMPUR (July 2): Homegrown human capital management (HCM) solutions and technology provider Ramssol Group Bhd said its initial public offering (IPO) shares offered to the Malaysian public were oversubscribed by 102.88 times.

The company, which is set to list on Bursa Malaysia’s ACE Market on July 13, said it received 19,564 applications seeking 1.16 billion shares for the 11.2 million shares made available.

The Bumiputera portion was oversubscribed by 70.39 times, with 7,561 applications for 399.78 million shares received, it said in a Bursa Malaysia filing.

Meanwhile, 12,003 applications for the remaining public portion amounting to 763.65 million shares were received, representing an oversubscription rate of 135.37 times.

Meanwhile, Ramssol said the 5.6 million shares offered to eligible persons were fully subscribed.

It added that 61.26 million shares under the public issue have been fully placed out by way of private placement to selected investors.

Ramssol has said it is seeking to raise RM25.1 million from its IPO to partly fund its regional business expansion, of which RM2.5 million will be utilised for business expansion into the Philippines.

Ramssol chief executive officer Cllement Tan said the company has identified a co-working space in Manila and the business will mainly focus on the provision of HCM and student management solutions as well as HCM technology applications.

As at FY20, the company’s total assets stood at RM19.8 million, total liabilities at RM13 million, gearing ratio at 0.56 times and operating cash flow at about RM1.71 million.

Kenanga Investment Bank Bhd is the principal advisor, sponsor, underwriter and placement agent for Ramssol’s IPO.