Oxford Innotech IPO oversubscribed 3.42 times ahead of ACE Market debut
Managing Director Ng Thean Gin described the oversubscription as a clear vote of confidence in the company's future prospects and a reflection of its track record.
'The proceeds raised will play a pivotal role in accelerating our strategic expansion plans, enabling us to scale more decisively and enhance our capabilities,' he said in a statement.
Ng added that the market for modular building systems is evolving, driven by increasing global demand for energy-efficient and cost-effective construction solutions.
'At the same time, the semiconductor manufacturing equipment market — projected to grow from US$92.5 billion in 2024 to US$142.7 billion by 2030 — is on an upward trajectory, supported by rising demand for electronics and smart devices,' he noted.
Through its subsidiaries, OXB provides integrated engineering solutions with a focus on precision-engineered components, mechanical assembly solutions, and automation and robotics.
OXB's IPO involves a public issue of 143.5 million new shares at RM0.29 per share, representing 20.2% of the enlarged issued share capital. The exercise is expected to raise RM41.6 million in gross proceeds.
In addition, 50.0 million existing shares — representing 7.0% of the enlarged issued share capital — will be offered for sale via private placement to selected investors, including Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
For the 35.5 million new shares allocated to the Malaysian public, OXB received 2,729 applications for 156.94 million shares, with a total value of approximately RM45.51 million. This translates to an overall oversubscription rate of 3.42 times.
For the Bumiputera portion, 1,039 applications for 36.71 million shares showed an oversubscription rate of 1.07 times.
For the non-Bumiputera public portion, 1,690 applications for 120.22 million shares showed an oversubscription rate of 5.77 times.
Meanwhile, the 27.0 million shares reserved for eligible directors, employees, and individuals who have contributed to the group's success have been fully subscribed.
The private placement of 81.0 million shares and 7.8 million shares to Miti-approved Bumiputera investors has been fully placed, following the application of clawback and reallocation provisions as outlined in the prospectus.
Additionally, the 42.2 million shares offered to selected investors have also been fully placed via private placement.
From the IPO proceeds, OXB will allocate RM23.1 million (55.5%) for the construction of a new factory, RM11.2 million (26.9%) for the purchase and refinancing of new machinery, RM3.3 million (8.0%) for general working capital and RM4.0 million (9.6%) to cover listing-related expenses.
OXB is scheduled to debut on the ACE Market of Bursa Malaysia on Tuesday, 29 July 2025.
Based on the IPO price of RM0.29 and an enlarged issued share capital of 710.0 million shares, the company will have a market capitalisation of RM205.9 million upon listing.
Malacca Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter, and joint placement agent. Kenanga Investment Bank Bhd serves as joint placement agent, while WYNCORP Advisory Sdn Bhd is the corporate finance adviser for the IPO.
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