From left: Panda Eco System independent non-executive director Siew Suet Wei, independent non-executive director Chan Kam Chiew, independent non-executive chairman Nicholas Yap, chief technology officer and executive director Tay Kheng Seng, CEO and executive director Loo Chee Wee, M&A Securities head of corporate finance Gary Ting, associate director of corporate finance Chong Hsu-Yeung, and independent non-executive director Datuk Leanne Koh Li Ann
KUALA LUMPUR: Panda Eco System Bhd
, which is en route to a listing on Bursa Malaysia’s Ace Market on Nov 27, 2023, saw its initial public offering (IPO) shares offered to the public oversubscribed by 153.47 times.
The retail management eco-system solution provider said a total of 20,021 applications for 5.18 million shares worth RM829.41 million were received from the public, representing an overall oversubscription rate of 153.47 times.
"For the Bumiputera portion, a total of 11,444 applications for 2.41 billion shares were received, which represents an oversubscription rate of 142.85 times.
"For the public portion, a total of 8,577 applications for 2.77 billion issue shares were received, which represents an oversubscription rate of 164.08 times,” it said in a statement.
Panda Eco System’s IPO involved the public issue of 109.27 million new shares, of which 33.56 million shares were made available for the public; 42.77 million for eligible directors, employees and persons who have contributed to the success of the group; and 32.95 million for selected investors private placement.
The company previously said it aimed to raise RM17.5 million via the IPO, which would be utilised for the development of new solutions, domestic and regional business expansion, the recruitment of additional engineers for its customer technical service department, and the expansion of its new headquarters. - Bernama
