PEOPLELOGY Bhd’s IPO garnered a lukewarm response from investors, with the public portion oversubscribed by just 1.24 times ahead of its planned ACE Market listing on May 20.
In a statement last week, the company said it received 1,940 applications for 25.55 million new shares from the Malaysian public.
The Bumiputera portion attracted 878 applications for 10.11 million shares, representing a subscription rate of 0.98 times.
Meanwhile, the public tranche for other Malaysians garnered 1,062 applications for 15.44 million shares, translating to a 1.5 times subscription rate.
In addition, all 12.35 million shares allocated to eligible persons who have contributed to the success of PEOPLElogy and its subsidiaries were fully subscribed.
The IPO, priced at 25 sen per share, is expected to raise RM26.25 million in gross proceeds.
Of the total proceeds, 32.38% will be allocated towards the development of a computer simulation lab, while 15.24% will be channelled into enhancing the group’s proprietary research and development software.
PEOPLElogy also plans to establish a Cyber Range simulation facility, driven by increasing demand for cybersecurity training amid the rising frequency of online threats and data breaches in Malaysia.
The remaining funds will support the expansion of the group’s training centres and offices in Indonesia, the Philippines and East Malaysia, alongside the establishment of a regional hub in Singapore.
Kenanga Investment Bank Bhd is acting as the principal advisor, sponsor, underwriter and placement agent for the IPO. — TMR
- This article first appeared in The Malaysian Reserve weekly print edition
The post PEOPLElogy’s IPO sees lukewarm response ahead of ACE Market debut appeared first on The Malaysian Reserve.
