KUALA LUMPUR (Sept 30): ACE Market-bound Crest Group Bhd’s initial public offering (IPO) of 43.28 million shares for the Malaysian public has been oversubscribed by 73.88 times.
According to Malaysian Issuing House Sdn Bhd in a statement, Crest received 33,826 applications for a total of 3.24 billion shares from the Malaysian public.
A total of 15,594 applications for 1.18 billion shares were received for the Bumiputera portion, reflecting an oversubscription rate of 53.41 times. Meanwhile, a total of 18,232 applications for 2.06 billion shares were received for the other Malaysian public portion, representing an oversubscription rate of 94.35 times.
Additionally, the 12.98 million shares allocated for eligible directors and employees were fully subscribed.
MIDF Amanah Investment Bank Bhd — the principal adviser, sponsor, underwriter, and placement agent for the IPO — noted that all 74.44 million issue shares and 33.76 million offer shares allocated for private placement to Bumiputera investors (approved by the Ministry of Investment, Trade and Industry) had been fully placed.
Similarly, the 70.13 million offer shares made available to selected investors through private placement have also been fully taken up.
Notices of allotment will be mailed to successful applicants by Oct 8.
Crest Group’s IPO involves the public issuance of 130.71 million new shares and the offer for sale of 103.89 million shares, which would raise up to RM82.11 million.
In total, the listing will provide investors with a 27.10% stake in the company. Crest Group specialises in providing imaging, analytical, and testing solutions for quality inspection, sample analysis, and research and development, serving industries such as semiconductor, electrical and electronics, and automotive.
At an IPO price of 35 sen per share, Crest Group will have a market capitalisation of approximately RM303 million upon its scheduled listing on Oct 9.
The company reported a net profit of RM3.64 million for the second quarter ended June 30, 2024, on a revenue of RM39.63 million, with 82.7% of that coming from its imaging, analytical, and testing solutions segment.