KUALA LUMPUR (Oct 7): EGH International Bhd, an interior fit-out services company, said the public portion of its initial public offering (IPO) was oversubscribed by 2.63 times, ahead of its Oct 16 listing on the ACE Market.
In a bourse filing on Wednesday, the company said it received 3,101 applications for 131.33 million shares against 50 million new shares made available for public subscription.
EGH International said 1,048 applications for 40.98 million shares were received for the Bumiputera portion, representing an oversubscription of 1.64 times. The remaining public portion received 2,053 applications for 90.35 million shares, representing an oversubscription rate of 3.61 times.
In addition to the public issue, the company is issuing 30 million shares to eligible persons, which have been fully subscribed.
A further 280 million shares, comprising 160 million new shares and 120 million offer shares made available via private placement to the selected investors, were also fully placed out.
EGH International’s IPO comprises a public issue of 240 million new shares and an offer for sale of 120 million existing shares at a price of 16 sen per share.
Based on the IPO price, EGH International will have a market capitalisation of RM160 million, valuing the company at about 15 times its trailing earnings. For the financial year ended May 31, 2026, EGH International’s net profit rose 51% to RM10.9 million while revenue increased 19% to RM187.09 million.
The IPO will raise RM57.6 million, of which RM38.4 million will go to the company. The remaining RM19.2 million will accrue to the sole selling shareholder Datuk Doh Jee Ming, managing director of property developer Lagenda Properties Bhd (KL:LAGENDA). Doh will see his stake fall to about 25% post-IPO from 49%.
EGH International is currently led by group managing director Datuk Weslie Lim Yuk Ming and his sister Lim Seow Ni as chief executive officer.
Based in Puchong, Selangor, EGH International is mainly involved in interior fit-out services and the sale of furniture, fixtures and equipment and building materials. The company has done work for hotels and resorts, healthcare facilities, educational institutions and airport lounges.
Notices of allotment will be issued to successful applicants by Oct 15.
Berjaya Securities is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.