KUALA LUMPUR (Oct 25): 3REN Bhd (KL:3REN), slated for listing on the ACE Market of Bursa Malaysia on Nov 6, said the 32.5 million new shares it offered to the Malaysian public under its initial public offering (IPO) have been oversubscribed by 84.06 times.
The automation solutions and engineering services provider’s IPO offered 155 million shares in total, comprising 110 million new shares and an offer for sale of 45 million shares.
In a statement on Friday, 3REN said it received a total of 25,768 applications for 2.76 billion shares worth RM774.09 million from the Malaysians eyeing the public portion.
For the Bumiputera portion, in which 3.8 million shares were offered, 13,097 applications were received for 1.18 billion shares, representing an oversubscription rate of 71.69 times.
As for the other public category, 12,671 applications were received for 1.58 billion shares, representing an oversubscription rate of 96.44 times.
3REN said the notices of allotment will be posted to all successful applicants on Nov 4.
Through the issuance of 110 million new shares at 28 sen apiece, 3REN seeks to raise RM30.8 million. This portion represents 16.92% of the group's enlarged share capital.
Upon listing, 3REN is expected to have a market capitalisation of RM182 million, based on the issue price of 28 sen per share and the enlarged share capital of 650 million shares.
3REN serves major clients in the semiconductor and electronics sectors, with Intel’s group of companies contributing 57% of its revenue in FY2023.
KAF Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for this IPO.