KUALA LUMPUR (April 24): Investors have snapped up shares of Inspace Creation Bhd with the retail portion of the initial public offering (IPO) oversubscribed by 70.30 times
The interior fit-out firm attracted applications totalling 1.32 billion shares for the 18.47 million available for subscription, according to its bourse filing on Friday.
The oversubscription rate is among the highest for companies listing on the ACE Market, even surpassing the likes of Oriental Kopi Holdings Bhd (KL:KOPI), whose shares were oversubscribed by 59.96 times.
Inspace Creation said the Bumiputera portion of its retail offering saw an oversubscription rate of 67.57 times, while the other Malaysians tranche was oversubscribed by 73.04 times.
It added that shares set aside for eligible persons were also fully subscribed. Private placements for both new and existing shares were also fully taken up.
The company is scheduled for listing on May 8.
Inspace Creation focuses on interior fitting-out services, which encompass project planning and management, design development and execution, as well as servicing and maintenance. Based on its IPO price, Inspace Creation will have a market value of RM92.33 million.
From the IPO proceeds, RM6 million has been allocated to establish storage and mock-up facilities for clients in the Klang Valley. Additionally, RM2.74 million is designated for loan repayment, RM4.39 million for working capital, and RM4 million for listing-related expenses.
TA Securities is the principal adviser, sponsor, sole placement agent, and sole underwriter for the IPO.