ELRIDGE Energy Holdings Bhd’s initial public offering (IPO) has been oversubscribed, with the public portion receiving 28.78 times more demand than available shares.

The company received applications for 2.38 billion shares worth RM690.88 million, while only 80 million new shares were available for the public.

The IPO, priced at 29 sen per share, includes 350 million new shares and 350 million existing shares, and is set to list on August 22 with a market capitalization of RM580 million.

All shares allocated for the public, eligible persons, and private placements were fully subscribed.

The IPO proceeds will be used for expanding production capacity, including the construction of a new factory in Kuantan and purchasing new equipment.

Elridge, which produces biomass fuel products, aims to increase its production capacity and support growth. — TMR