KUALA LUMPUR (Oct 16): Investors snapped up shares of Powertechnic Group Bhd, oversubscribing its retail offering by about 46 times ahead of its listing on the ACE Market.

The crane and elevated platform systems specialist received applications for 738.64 million shares, far exceeding the 15.6 million shares available to the Malaysian public for subscription, according to a statement. Shares set aside for eligible persons were also fully subscribed.

A private placement of new shares and existing shares was also fully taken up. Allotment notices will be sent by Oct 27, with the company set for listing on Oct 28.

Based in Kulai, Johor, Powertechnic installs and maintains crane and hoist systems including overhead, gantry, underhung and jib cranes as well as elevated platform systems such as dock leveller, table lifters and tilting platform.

Priced at 35 sen per share, the initial public offering (IPO) is to raise RM29.4 million, of which RM22.05 million will go to Powertechnic for expansion and operations. The remaining RM7.35 million will go to managing director Ivan Na Keh Chai and executive director Choo Chee Yong.

Proceeds from the IPO will be used to set up new product showrooms and sales offices, capital expenditure mainly for automated machines, repayment of bank borrowings and general working capital.

TA Securities is the IPO’s principal adviser, sponsor, underwriter and placement agent.