KUALA LUMPUR (July 21): Penang-based engineering firm Oxford Innotech Bhd said its new shares offered to the public has been oversubscribed by 3.42 times ahead of its ACE Market listing on July 29.
Oxford Innotech, which makes precision components for the semiconductor, electronics, automotive and modular building industries, offered a total of 193.46 million shares under the intial public offering (IPO), comprising 143.46 million new shares and an offer for sale of 50 million shares.
In a statement on Monday, the company said it received a total of 2,729 applications for 156.94 million shares worth RM45.51 million for the 35.5 million shares set aside for the Malaysian public.
The Bumiputera portion was oversubscribed by 1.07 times, with 1,039 applications for 36.71 million shares received. The public portion saw 1,690 applications for 120.22 million shares, representing an oversubscription rate of 5.77 times.
In addition, 27 million shares set aside for eligible persons were fully subscribed, while 88.75 million shares allocated to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry were fully placed after applying the relevant clawback and reallocation provisions.
Separately, all 42.21 million offer shares for selected investors were fully placed out via private placement.
Oxford Innotech said notices of allotment will be posted to all successful applicants on July 25.
The IPO sought to raise up to RM56.1 million, of which RM41.6 million will come from new shares issued to the public. The remaining amount will go to existing shareholders selling their shares.
Oxford Innotech plans to allocate RM23.1 million for the construction of new factory space in Penang, and RM11.2 million for the purchase or refinancing of new machinery.
Malacca Securities is the principal adviser, sponsor, underwriter, and joint placement agent with Kenanga Investment Bank Bhd, for the IPO. Wyncorp Advisory Sdn Bhd is the corporate finance adviser.