KUALA LUMPUR (Jan 20): One Gasmaster Holdings Bhd saw the public portion of its initial public offering (IPO) oversubscribed by 25.24 times ahead of its listing on the ACE Market on Jan 27.

The IPO recorded a total subscription rate of 26.24 times, with demand totalling 406.76 million shares for 15.5 million new shares made available to the Malaysian public, according to One Gasmaster in a bourse filing.

The Bumiputera portion was oversubscribed by 19.82 times, while the non-Bumiputera portion was oversubscribed by 30.67 times.

All new shares allocated to eligible persons were fully subscribed, while private placements of both new and existing shares — including those for Bumiputra investors approved by the Ministry of Investment, Trade and Industry — were also fully taken up.

Selangor-based One Gasmaster specialises in gas monitoring and piping services, and also provides industrial hygiene, maintenance and calibration services. Its customer base spans industries ranging from oil and gas to food and beverage.

The IPO involves the public issue of 77.5 million new shares at 25 sen each to raise RM19.38 million.

Proceeds will be used to support business expansion into emission control solutions, including the acquisition of new instruments and the hiring of two senior project engineers, as well as establishing new branch offices in Johor, Terengganu and Penang.

The offer for sale of 15.5 million existing shares will raise RM3.88 million for Tan Bee Sien, the wife of managing director Ivan Tan Kean Yok.

Malacca Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.