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PEOPLELOGY Bhd opened below its initial public offering (IPO) price but managed to rebound on its debut day on the ACE Market of Bursa Malaysia today.
The consultancy and training firm began the day at 24 sen — a tad below its IPO price of 25 sen to enable it to raise gross proceeds of RM26.25 million — closed at 26.5 sen, valuing the company at RM109.1 million.
The IPO proceeds will be channelled towards business expansion, platform development and working capital to support its upskilling and reskilling initiatives.
Established in 2002, Peoplelogy offers training programmes for individuals and organisations in line with Malaysia’s efforts to build a future-ready and knowledge-based workforce.
Its IPO was oversubscribed by 1.24 times, receiving 1,940 applications for 25.5 million shares from the Malaysian public.
For the Bumiputera portion, 878 applications were submitted for 10.1 million shares, representing a subscription rate of 0.98 times, while the non-Bumiputera portion saw a subscription rate of 1.50 times with 1,062 applications for 15.4 million shares.
Peoplelogy MD and non-independent executive director Allen Lee said the listing marks an important step in the company’s growth.
Post-listing, Lee remains the largest shareholder of the company, with a 24.27% direct stake and 21.01% indirect stake through his private vehicle. His wife Lim Szu Yee owns 4.69% of the company. – TMR
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