Seng Fong IPO oversubscribed by 3.1 times

SENG Fong Holdings Bhd’s IPO shares are oversubscribed by 3.09 times according to Tricor Investor & Issuing House Services Sdn Bhd.

A total of 3,968 applications for 106.05 million IPO shares with a value of RM79.54 million were received from the Malaysian public, which represents an overall oversubscription rate of 3.09 times. 

“For the Bumiputera public portion, a total of 2,097 applications for 31.76 million IPO shares were received, which represents an oversubscription rate of 1.45 times,” it said.

For the remaining Malaysian public portion, a total of 1,871 applications for 74.28 million IPO shares were received, which represents an oversubscription rate of 4.73 times.

Meanwhile, the 16.25 million IPO shares available to the eligible directors and employees of the group and persons who have contributed to the success of the group have also been fully subscribed.

Seng Fong MD Er Hock Lai thanked investors for their response to the company’s IPO, saying “this is an indication of their confidence in the fundamentals of the business”.

“We can now look forward to capture opportunities arising from the increasing demand from existing customers, as well as from new customers as we ramp up production through the hiring of more people for a second shift and implementing environmental, social and corporate governance initiatives to make our business more sustainable,” he said in a statement on Wednesday.

Meanwhile, Hong Leong Investment Bank Bhd (HLIB) MD and CEO Lee Jim Leng said: “We are pleased with the reception from investors to Seng Fong’s IPO, reflecting their confidence in the solid fundamentals of the business and in the leadership as well as vision of the founders and promoters.”

HLIB is the principal adviser, underwriter and placement agent for the IPO.

The notices of allotment will be posted to all successful applicants on or before July 6, 2022. The company will list on the Main Market of Bursa Malaysia Securities Bhd on July 7, 2022. — TMR / pic source  sengfongholdings.com

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