KUALA LUMPUR: Key transportation information technology solutions provider Go Hub Capital Bhd's initial public offering (IPO) has been oversubscribed 78.71 times.
Go Hub's IPO comprised a public issue of 107.18 million new shares.
Of the total, 75.18 million shares will be allocated by way of private placement to identified institutional and/or selected investors; 20.0 million are available for application by the Malaysian public through a balloting process and 12.0 million set aside for the eligible directors and employees as well as persons.
The company received a total of 20,452 applications for 1.59 billion shares worth RM557.94 million from the public, representing an oversubscription rate of 78.71 times.
The Bumiputera portion saw 10,835 applications for 656.49 million shares, with an oversubscription rate of 64.65 times.
The public portion recorded 9,617 applications for 937.61 million shares, indicating an oversubscription rate of 92.76 times.
Meanwhile, the 12.0 million shares available for application by the eligible persons were fully subscribed.
"The exceptional response to our IPO underscores the market's confidence in Go Hub's business and future prospects.
"This overwhelming investor enthusiasm in the IPO and our company is a strong testament to our strategic vision.
"It serves as both validation of our beliefs and a powerful impetus, fortifying our commitment to delivering innovative and pioneering IT solutions for public transportation," said chief executive officer and managing director Tan Cherng Thong.
The company is slated to be listed on the Ace Market of Bursa Malaysia on July 3.