ICT Zone Asia Bhd’s IPO ahead of its ACE Market listing on June 3 has been oversubscribed by 1.89 times by public investors.
The offering comprised 154 million shares – 133 million new shares and 21 million offered for sale — with the public portion receiving 2,562 applications for 115.06 million shares, far exceeding the 39.77 million offered.
The Bumiputera portion was oversubscribed by 1.1 times, while the public tranche was 2.69 times oversubscribed.
All private placements and shares allocated to eligible persons were fully subscribed.
The tech financing firm aims to raise RM26.6 million from the IPO at 20 sen per share, implying a market capitalisation of RM159.09 million upon listing.
Proceeds from the offer for sale will go to major shareholders ICT Zone Holding and Datuk Seri Ng Thien Phing, who together currently hold 72.85% in the company.
Ng is also founder and executive chairman of SkyWorld Development Bhd.
Malacca Securities is the principal adviser and lead underwriter, with Kenanga Investment Bank as co-underwriter and placement agent. — TMR
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