KUALA LUMPUR (Aug 4): ACE Market-bound Glostrext Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 173.54 times.
In a statement on Friday (Aug 4), the geotechnical instrumentation service provider said a total of 18,730 applications seeking 3.55 billion new shares, valued at RM674.94 million, were received from the Malaysian public for 20.35 million new shares that were made available for public subscription.
It said the Bumiputera public portion of shares was oversubscribed by 189.11 times, after a total of 11,756 applications for 1.93 billion new shares were received.
For the remaining public portion, a total of 6,974 applications for 1.62 billion new shares were received, which represents an oversubscription rate of 157.97 times.
Meanwhile, the 10.18 million new shares for its eligible directors, employees and persons who have contributed to the success of the Glostrext group have also been fully subscribed.
In addition, Glostrext said its placement agent has confirmed that 91.58 million shares made available for application by way of private placement to selected investors have been fully placed out.
Glostrext managing director Dr Lee Sieng Kai said the company hopes to create greater awareness for geotechnical instrumentation services using its in-house developed real-time online structural and ground instrumentation and monitoring services — the Glostrext WiNA platform.
“When big cities like Singapore and Kuala Lumpur become more developed, the completed buildings, infrastructures and facilities will need monitoring, as it involves public safety; for example, MRT lines and tunnels.
“That is when sensors and instruments come in. Sensors and instruments will give you the superpower to measure something about the world that you cannot detect with just your human senses,” Lee said.
Glostrext is expected to list on the ACE Market of Bursa Malaysia on Aug 15.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.