CLOUDPOINT Technology Bhd, a Malaysian IT solutions provider, has announced that its initial public offering (IPO) on Bursa Malaysia’s ACE Market was oversubscribed by a significant 112.9 times.

The IPO received 112.94 times oversubscription from the Malaysian public, with a total of 36,608 applications for 3.03 billion new shares worth RM1.15 billion.

For the Bumiputera portion, there were 20,448 applications for 1.35 billion new shares, resulting in an oversubscription rate of 100.74 times.

In the public portion, there were 16,160 applications for 1.68 billion new shares, leading to an oversubscription rate of 125.14 times.

Additionally, all 13.29 million shares reserved for eligible directors and employees were fully subscribed.

Cloudpoint aims to raise approximately RM40.4 million through its IPO, offering 159.48 million shares at an issue price of 38 sen per share.

The funds raised will be allocated towards business expansion, working capital, office relocation, and listing expenses. M&A Securities Sdn Bhd is serving as the principal adviser, sponsor, underwriter, and placement agent for the IPO.

Tricor Investor & Issuing House Services Sdn Bhd, representing Cloudpoint, stated that notices of allotment will be sent to successful applicants by May 25, 2023. – TMR