Seng Fong's IPO oversubscribed by three times

NST Wed, Jun 29, 2022 08:22pm - 1 year View Original


KUALA LUMPUR: Seng Fong Holdings Bhd's initial public offering (IPO) was oversubscribed by more than three times.

Tricor Investor & Issuing House Services Sdn Bhd said a total of 3,968 applications for 106.05 million IPO shares with a value of RM79.54 million were received from the Malaysian public.

This represented an overall oversubscription rate of 3.09 times, it added. 

For the Bumiputera public portion, a total of 2,097 applications for 31.76 million shares were received, representing an oversubscription rate of 1.45 times. 

For the remaining public portion, a total of 1,871 applications for 74.28 million shares were received, which represented an oversubscription rate of 4.73 times.

Tricor said the 16.25 million shares available to the eligible directors and employees of the company and persons who have contributed to the success of the company have also been fully subscribed.

The response to the IPO was an indication of investors' confidence in the fundamentals of Seng Fong's business, managing director Er Hock Lai said.

"We can now look forward to capture opportunities arising from the increasing demand from existing customers as well as from new customers as we ramp up production through the hiring of more people for a second shift and implementing ESG initiatives to make our business more sustainable."

Hong Leong Investment Bank Bhd (HLIB) is the principal adviser, underwriter and placement agent for the IPO. 

HLIB group managing director and chief executive officer Lee Jim Leng said the bank was pleased with the reception from investors to Seng Fong's IPO.

"This reflects their confidence in the solid fundamentals of the business and in the leadership as well as vision of the founders and promoters," she said.

Sen Fong will be listed on the Main Market of Bursa Malaysia.

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