KUALA LUMPUR (March 13): Construction company Wawasan Dengkil Holdings Bhd has attracted RM124.17 million worth of applications from retail investors — seven times more than the amount it plans to raise from its initial public offering. 

Priced at 25 sen per share, the IPO plans to raise up to RM27.01 million for the company’s expansion plans.

A total of 8,562 applications for about 496.66 million shares were received from the Malaysian public, an oversubscription rate of 17.39 times, according to Tricor Investor & Issuing House Services Sdn Bhd.

For the Bumiputera portion, a total of 4,241 applications for 232.08 million shares were received, an oversubscription rate of 16.19 times. The non-Bumiputera portion registered a total of 4,321 applications for 264.58 million shares, an oversubscription rate of 18.59 times.

Shares set aside for eligible persons were fully subscribed, while shares for select investors through private placement were also taken up. 

The notices of allotment will be posted to all successful applicants on March 21, 2025. Listing on the ACE Market has been scheduled for March 25. 

Wawasan Dengkil’s operations involve large-scale excavation, relocation, and compaction of soil and rocks to create embankments and platforms, forming a foundation for construction works. The company also builds roads, drainage and sewerage systems. 

M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO, while Eco Asia Capital Advisory is the financial adviser.