KUALA LUMPUR: Printing and materials converting specialist, MTAG Group Bhd (MTAG) has received good response for its initial public offering (IPO), which has been oversubscribed by 3.84 times ahead of its listing on the ACE Market of Bursa Malaysia Securities Bhd (Bursa Securities).
Group managing director of MTAG, Chaw Kam Shiang said, “We are delighted with the encouraging interest from the public. This indicates a vote of confidence and belief in MTAG. In addition, this also further validates our decision to list on Bursa Securities. Everyone at MTAG is now eagerly waiting for our listing on the 25 September 2019.”
MTAG received a total of 3,518 applications for 164,917,000 new shares with a value of RM87.4 million from the Malaysian Public, representing an oversubscription rate of 3.84 times.
For the Bumiputera portion, a total of 1,639 applications for 47,700,800 new shares were received, translating to an oversubscription rate of 1.80 times.
While a total of 1,879 applications for 117,216,900 new shares were received for the remaining public portion, which represents an oversubscription rate of 5.88 times.
The 14,000,700 new shares available for by eligible Directors, employees and persons who have contributed to the success of the Group have also been fully subscribed.
Lastly, the private placement of 68,161,500 new shares available to Bumiputera investors approved by the Ministry of International Trade and Industry (MITI), 20,074,300 new shares available to selected investors as well as the offer for sale of 68,161,500 existing shares have all been placed out.
M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO exercise.