KUALA LUMPUR: KJTS Group Bhd says its initial public offering (IPO) intended for the public has seen an overwhelming response, being oversubscribed 31.28 times.
KJTS managing director Lee Kok Choon said the response indicates the market's confidence in the company's strategic direction and future outlook.
"This investor enthusiasm solidifies our dedication and commitment to deliver excellent building support services throughout its target audience.
"With a strong emphasis on sustainability, KJTS Group is positioned to stimulate growth and elevate our services throughout Malaysia, Singapore and Thailand, with a specific focus on the cooling energy market," he added.
Lee said the favourable reaction from investors also underscores the market's trust in KJTS' capabilities and dedication to building a sustainable and energy-efficient future.
The IPO includes the issuance of 218.02 million new shares, comprising 168.62 million shares for institutional and selected investors and 49.40 million shares for the public, eligible directors, key senior management, employees and individuals who have contributed to the company's success.
The company received 9,632 applications for 1.11 billion shares valued at RM299.78 million from the public, resulting in an oversubscription rate of 31.28 times.
The Bumiputera portion had 5,803 applications for 562.24 million shares, oversubscribed by 31.69 times, while the public portion recorded 3,829 applications for 548.06 million shares, oversubscribed by 30.86 times.
The 15 million shares reserved for eligible persons were fully subscribed, and the institutional offering received subscription offers for the 168.62 million shares at 27 sen each.