KUALA LUMPUR (May 22): ICT Zone Asia Bhd (KL:ICTZONE) announced that its initial public offering (IPO) has been oversubscribed by 1.89 times by public investors, ahead of its ACE Market listing.
The tech financing solutions provider scheduled for transfer listing from the LEAP Market to the ACE Market of Bursa Malaysia on June 3, offered 154 million shares in total, comprising 133 million new shares and an offer for sale of 21 million shares.
It has received 2,562 applications for 115.06 million shares worth RM23.01 million from the Malaysian public, compared with the 39.77 million shares offered, according to a statement from Malaysian Issuing House Sdn Bhd on Thursday.
The Bumiputera portion was oversubscribed by 1.1 times, with 1,107 applications for 41.71 million shares received. The public portion saw 1,545 applications for 73.35 million shares, representing an oversubscription rate of 2.69 times.
All private placements of both new and existing shares have been fully subscribed, including placement of 89.09 million new shares to identified Bumiputera investors as well as 21 million existing shares to selected investors.
Another 4.14 million new shares that were made available for application by eligible persons have also been fully taken up.
ICT Zone Asia said notices of allotment will be posted to all successful applicants on May 29.
The company is seeking to raise up to RM26.6 million from the issuance of 133 million new shares at 20 sen each, representing 16.72% of its enlarged share capital. Upon listing, ICT Zone Asia is projected to have a market capitalisation of RM159.09 million.
Proceeds from the offer for sale, involving up to 2.64% of its enlarged share base, meanwhile, will accrue entirely to its selling shareholders, ICT Zone Holding Sdn Bhd, and co-founder and non-executive chairman Datuk Seri Ng Thien Phing, who collectively hold 72.85% in ICT Zone Asia currently.
Ng is also the founder and executive chairman of Main Market-listed property group SkyWorld Development Bhd (KL:SKYWLD).
Malacca Securities is the principal adviser, sponsor, joint underwriter and joint placement agent for the IPO, while Kenanga Investment Bank is the joint underwriter and placement agent. SCS Global Advisory (M) Sdn Bhd is the financial adviser for the transfer listing.