CARLO Rino Group Bhd’s initial public offering (IPO) was oversubscribed by 18.43 times, ahead of its transition from the LEAP Market to the ACE Market of Bursa Malaysia Securities Bhd.

In a statement today, Carlo Rino revealed that it received 13,395 applications for 949.87 million issue shares from the Malaysian public.

For the Malaysian public portion, 6,675 applications were submitted for 552.41 million shares, reflecting an oversubscription rate of 21.60 times.

Additionally, the 800,000 shares allocated for application by independent non-executive directors were fully subscribed.

TA Securities Holdings Bhd, serving as the principal adviser, sponsor, sole underwriter, and placement agent, confirmed that all 122.18 million shares allocated for private placement to Bumiputera investors, approved by the Ministry of International Trade and Industry (MITI), were fully subscribed. — TMR