AMS Advanced Material IPO Oversubscribed 9.03 times Ahead Of ACE Market Listing
KUALA LUMPUR, April 14 (Bernama) -- AMS Advanced Material Bhd’s initial public offering (IPO) has been oversubscribed by 9.03 times, ahead of its listing on the ACE Market of Bursa Malaysia.
In a filing with Bursa Malaysia today, the company said it received a total of 8,110 applications for 307.03 million issue shares for the 30.60 million shares made available to the Malaysian public.
“The bumiputera portion attracted 3,034 applications for 60.96 million shares, oversubscribed by 2.98 times, while the remaining public portion recorded 5,076 applications for 246.07 million shares, oversubscribed by 15.08 times.
“In addition, the 2.16 million shares allocated to eligible directors and employees of the company, together with the institutional offering, were fully subscribed,” the aluminium specialist company said in a separate statement.
AMS managing director Keh Teng Yang said the oversubscription of the public portion reflects investors’ confidence in their business fundamentals and industry prospects.
“Notably, we have also attracted participation from seven institutional funds for the placement of our shares.
“As we move closer to our listing on the ACE market (slated for April 23), we remain focused on our business operation and delivering sustainable growth for our stakeholders,” he said.
M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for this IPO exercise.
-- BERNAMA