by BERNAMA / graphic by MZUKRI MOHAMAD

ECOMATE Holdings Bhd’s IPO of 17.5 million new shares for the public at 33 sen each has been oversubscribed by 98.94 times.

The manufacturer of ready-to-assemble furniture products, which is slated for an ACE Market listing on Nov 8, received a total of 18,677 applications for 1.75 billion shares valued at RM577.16 million from the public.

“For the Bumiputera portion, a total of 9,664 applications for 780.85 million new shares were received, which represents an oversubscription rate of 88.24 times, while for the (remaining) public portion, a total of 9,103 applications for 968.1 million new shares were received, which represents an oversubscription rate of 109.64 times,” the company said in a filing to Bursa Malaysia yesterday.

The 8.75 million new shares available for application by the eligible directors and employees as well as persons who have contributed to the success of the group have also been fully subscribed.

In addition, the placement agent has confirmed that the 52.75 million shares made available for application by way of private placement have been fully placed out.

The allotment will be posted to all successful applicants on or before Nov 5, 2021.

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