Glostrext group managing director Lee Sieng Kai
KUALA LUMPUR: Glostrext Bhd
, which is en route to a listing on the ACE Market of Bursa Malaysia on Aug 15, saw its initial public offering (IPO) for the public portion oversubscribed by 173.54 times.
The geotechnical instrumentation service provider said a total of 18,730 applications seeking 3.55 billion new shares, valued at RM 674.94mil
were received from the Malaysian public for 20.35 million new shares that were made available for public subscription.
The Bumiputera public portion of shares was oversubscribed by 189.11 times, after a total of 11,756 applications for 1.93 billion new shares received.
As for the remaining public portion, a total of 6,974 applications for 1.62 billion new shares were received, which represents an oversubscription rate of 157.97 times.
Glostrex said the 10.18 million new shares for its eligible directors, employees and persons who have contributed to its success had also been fully subscribed.
In addition, its placement agent confirmed that 91.58 million shares made available for application by way of private placement to selected investors had been fully placed out, it said.
Managing director Lee Sieng Kai said it was overwhelmed with the strong support from the retail investors for its IPO despite a short share application opening period.
“As a leading geotechnical instrumentation service provider, we hope to create greater awareness for geotechnical instrumentation services using our in-house developed real-time online structural and ground instrumentation and monitoring services - Glostrext WiNA platform.
“When big cities like Singapore and Kuala Lumpur become more developed, the completed buildings, infrastructures and facilities will need monitoring as it involves public safety, for example, MRT lines and tunnels.
“That is when sensors and instruments come in. Sensors and instruments will give you the superpower to measure something about the world that you cannot detect with just your human senses. We, Glostrext, are the one providing the instruments and monitoring technology to the industry,” Lee said.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO.
