Oxford Innotech's IPO oversubscribed by 3.42 times
It was oversubscribed by 3.42 times ahead of Oxford Innotech's upcoming debut on the ACE Market of Bursa Malaysia.
The integrated engineering solutions provider is offering 143.5 million new shares at 29 sen each. This represents 20.2 per cent of its enlarged share capital.
The IPO is expected to raise RM41.6 million in gross proceeds.
Additionally, 50.0 million existing shares equivalent to 7.0 per cent of the enlarged share capital will be offered via private placement to selected investors and Bumiputera investors approved by the Investment, Trade and Industry Ministry.
Out of the 35.5 million issue shares allocated to the public, Oxford Innotech received 2,729 applications for a total of 156.9 million shares, with a total value of approximately RM45.51 million.
This reflects an overall oversubscription rate of 3.42 times.
The Bumiputera portion received 1,039 applications for 36.7 million shares, translating to an oversubscription rate of 1.07 times.
The public portion saw 1,690 applications for 120.2 million shares, resulting in an oversubscription rate of 5.77 times.
The 27.0 million shares reserved for eligible directors, employees and contributors to the company's success were fully subscribed.
Additionally, the private placement of 81.0 million issue shares and 7.8 million offer shares to approved Bumiputera investors has been fully placed out.
This follows the application of relevant clawback and reallocation provisions outlined in the prospectus.
The private placement of 42.2 million offer shares to selected investors was also fully taken up.
Oxford Innotech managing director Ng Thean Gin said the overwhelming response reflects investors' confidence not only in the company's strong fundamentals, but also in its growth potential moving forward.
"The proceeds raised will play a pivotal role in accelerating our strategic expansion plans, as they enable us to scale more decisively and advance our capabilities.
"The market for modular building systems is evolving, driven by the global demand for energy-efficient, cost-effective alternatives in construction.
"At the same time, the semiconductor manufacturing equipment market projected to reach US$142.7 billion by 2030 from US$92.5 billion in 2024 is on an upward trajectory, fuelled by rising demand for electronics and smart devices," he said.
Oxford Innotech is scheduled to be listed on the ACE Market on July 29.
The company is expected to have a market capitalisation of RM205.9 million upon listing.
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