KUALA LUMPUR: Steel Hawk Bhd
’s initial public offering (IPO) has been oversubscribed by 276.83 times ahead of its transfer of listing to the ACE Market of Bursa Malaysia from the LEAP Market.
The oversubscription rate of 276.83 times ranks as the highest subscription among all IPOs in the past 10 years, based on information on Bursa Securities’ website.
In a statement, the oil and gas services and equipment provider said the IPO, part of its listing transfer, involves issuing 134.70 million ordinary shares. This includes a public offering of 90 million new shares at an issue price of 15 sen each.
This represents 18.37% of the enlarged share capital, with RM13.50mil expected to be raised from the public issue.
In addition, there is an offer for sale of 44.70 million existing shares by way of private placement to selected investors.
Steel Hawk has received a total of 34,838 applications for 6.81 billion shares with a value of approximately RM1.02bil for the 24.50 million shares allocated to the Malaysian public, representing an overall over-subscription rate of 276.83 times.
