Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 27): Techbond Group Bhd, en route to list on the Main Market of Bursa Malaysia on Dec 5, saw the public portion of its initial public offering (IPO) oversubscribed by 24.2 times.

In a statement today, the industrial adhesive manufacturer said 8,158 applications for 289.75 million new shares, valued at RM191.24 million were received for 11.5 million new shares that were made available for public subscription.

For the bumiputera portion, a total of 3,214 applications for 92.52 million new shares were received, which represents an oversubscription rate of 15.09 times.

For the public portion, 4,944 applications for 197.23 million new shares were received, representing an oversubscription rate of 33.3 times.

The 6 million new shares available for application by the eligible directors and employees of the group and other person(s) who have contributed to the success of the group have been fully subscribed.

In addition, the placement agent has confirmed that 23 million new shares available for application by way of private placement to bumiputera investors approved by the ministry of international trade and industry, and 19.61 million new shares available for application by way of private placement to selected investors have been fully placed out.

The notices of allotment will be despatched to all successful applicants on or before Dec 4.

Under the listing exercise, Techbond is raising RM39.67 million at an issue price of 66 sen per share from its public issue of 60.11 million new shares, of which 11.5 million were made available to the Malaysian public.

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