KUALA LUMPUR (May 10): Automotive cover and seat manufacturer Feytech Holdings Bhd (KL:FEYTECH) said on Friday that investors have snapped up all the 42.16 million shares it made available for application by the public in its initial public offering, ahead of its Main Market debut.

It received 14,687 applications for 701.36 shares worth RM561.09 million from the Malaysian public, which represents an overall oversubscription rate of 15.64 times, according to a statement on Friday.

For the Bumiputera portion, it received 7,898 applications for 265.61 million shares, representing an oversubscription rate of 11.60 times. For the remaining public portion, it received 6,789 applications for more than 435.75 million shares, which represents an oversubscription rate of 19.67 times.

Its placement agents also confirmed that 75.87 million shares and 4.22 million offer shares made available by way of private placement to selected investors, as well as the 105.4 million offer shares made available by way of the private placement to Bumiputera investors, have been fully placed out.

Feytech's IPO on the Main Market of Bursa Malaysia is offering 252.94 million shares, including an offer for sale of 109.62 million, at 80 sen apiece.

Of the public portion, Feytech allocated 143.32 million new shares to raise some RM114.65 million, mainly earmarked for the acquisition of land and construction of its plant.

Scheduled to be listed on May 21, the group is expected to have a market capitalisation of RM674.56 million with an enlarged share capital of 843.2 million.

The notices of allotment will be posted to all successful applicants on May 17, 2024.

TA Securities Holdings Bhd is the principal adviser and managing underwriter for this IPO. It is also the joint underwriter and joint placement agent, together with AmInvestment Bank Bhd.