KUALA LUMPUR: Geotechnical instrumentation service provider Glostrext Bhd's initial public offering for the public portion has been oversubscribed by 173.54 times.
Glostrext said a total of 18,730 applications seeking 3.55 billion new shares valued at RM674.94 million were received from the public for 20.35 million new shares available for public subscription.
"The Bumiputera public portion of shares was oversubscribed by 189.11 times, after a total of 11,756 applications for 1.93 billion new shares received.
"For the remaining public portion, a total of 6,974 applications for 1.62 billion new shares were received, which represents an oversubscription rate of 157.97 times," it said in a statement.
Glostrex said the 10.18 million new shares for its eligible directors, employees and persons who have contributed to its success had also been fully subscribed.
In addition, its placement agent confirmed that 91.58 million shares made available for application by way of private placement to selected investors had been fully placed out, it said.
Managing director Lee Sieng Kai said it was overwhelmed with the strong support from the retail investors for its IPO despite a short share application opening period.
"As a leading geotechnical instrumentation service provider, we hope to create greater awareness for geotechnical instrumentation services using our in-house developed real-time online structural and ground instrumentation and monitoring services - Glostrext WiNA platform.
"WiNA platform enables us to connect project owners/consultants/contractors and all related parties to live monitoring data and visualization of data anytime, anywhere," Lee said.
Glostrext is expected to list on the ACE Market of Bursa Malaysia on Aug 15.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO.