KUALA LUMPUR (Aug 10): Upstream oilfield services provider United Asiapac Energy Bhd’s initial public offering (IPO) has been oversubscribed by 21.02 times for the portion offered to the Malaysian public, ahead of its listing on Bursa Malaysia’s ACE Market.
A total of 8,800 applications for 605.44 million shares worth RM211.9 million were received for the 27.5 million shares made available to the Malaysian public, Tricor Investor & Issuing House Services Sdn Bhd said on Monday.
The Bumiputera portion was oversubscribed by 27.55 times, with 5,277 applications for 392.55 million shares. The remaining public portion received 3,523 applications for 212.89 million shares, representing an oversubscription rate of 14.48 times.
Meanwhile, the 10 million shares allocated to eligible directors, employees, and persons who have contributed to the success of the group were also fully subscribed.
The placement agent also confirmed that all 101.72 million shares made available through private placement to selected investors were fully subscribed.
Notices of allotment will be posted to all successful applicants on Aug 17, 2026.
The IPO, priced at 35 sen per share, involves a public issue of 139.22 million new ordinary shares as the firm seeks to raise RM48.73 million for expansion. There is no offer-for-sale component, meaning none of the proceeds will go to existing shareholders through the disposal of their stakes in the company.
At the IPO price, United Asiapac will have a market capitalisation of RM192.5 million upon listing and will be valued at nearly 28 times its trailing earnings.
The company specialises in fishing services — retrieving equipment stuck in wells — for Malaysia's upstream oil industry, besides providing plug and abandonment, sidetracking, and other upstream support services. It mainly operates out of Kemaman in Terengganu and Labuan.
United Asiapac is scheduled to list on Bursa Malaysia's ACE Market on Aug 19.
TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO.