KUALA LUMPUR, Aug 4 (Bernama) -- ACE Market-bound Glostrext Bhd's public portion of its initial public offering (IPO) has been oversubscribed by 173.54 times.
The geotechnical instrumentation service provider said a total of 18,730 applications seeking 3.55 billion new shares valued at RM 674.94 million were received from the Malaysian public for 20.35 million new shares that were made available for public subscription.
The Bumiputera public portion of shares was oversubscribed by 189.11 times after a total of 11,756 applications for 1.93 billion new shares were received.
"For the remaining public portion, a total of 6,974 applications for 1.62 billion new shares were received, which represents an oversubscription rate of 157.97 times," it said in a statement.
Meanwhile, the 10.18 million new shares for its eligible directors, employees and persons who have contributed to the success of Glostrext Group have also been fully subscribed.
Also, its placement agent has confirmed that 91.58 million shares made available for application by way of private placement to selected investors have been fully placed out.
“We hope to create greater awareness for geotechnical instrumentation services using our in-house developed real-time online structural and ground instrumentation and monitoring services - Glostrext WiNA platform," said its managing director Lee Sieng Kai.
He said that when big cities like Singapore and Kuala Lumpur become more developed, the completed buildings, infrastructures and facilities would need monitoring as it involves public safety, for example, Mass Rapid Transit (MRT) lines and tunnels.
“That is when sensors and instruments come in. Sensors and instruments will give you the power to measure something about the world that you cannot detect with just your human senses.
“Glostrext provides the instruments and monitoring technology to the industry,” he added.
Glostrext is expected to list on the ACE Market of Bursa Malaysia on Aug 15, 2023.
M & A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
-- BERNAMA
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