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West River's IPO oversubscribed by 1.25 times ahead of ACE Market listing

MECHANICAL and electrical (M&E) solutions provider West River Bhd's initial public offering (IPO) shares were oversubscribed by 1.25 times ahead of its listing on Bursa Malaysia's ACE Market, scheduled for May 5. The company offered 17.89 million new shares to the Malaysian public at 39 sen per share, attracting 1,288 applications for 22.45 million shares worth RM8.76 million. The Bumiputera portion saw 548 applications for 5.04 million shares, while the public portion recorded an oversubscription rate of 0.95 times. The IPO also included 8.94 million shares for eligible persons and 44.71 million shares placed out to Bumiputera investors approved by the Ministry of Investment, Trade and Industry – both fully subscribed. An offer for sale of 35.77 million existing shares by selling shareholder Neutron Capital Sdn Bhd was also fully taken up. West River aims to raise RM27.9 million from the listing to fund land acquisition, the construction of a new factory to triple production capacity, as well as business development, debt repayment, and working capital. M&A Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter, and placement agent for the IPO. — TMR