ACE Market-bound Cloudpoint Technology's IPO oversubscribed 113 times

TheStar Thu, May 18, 2023 07:11pm - 10 months View Original


KUALA LUMPUR: Cloudpoint Technology Bhd's public issue of 26.58 million shares for its initial public offering (IPO) made available for application by the Malaysian public has been oversubscribed by 112.94 times.

Tentatively scheduled to be listed on the ACE Market of Bursa Malaysia on May 29, 2023, the information technology (IT) solutions provider said a total of 36,608 applications for 3.028 billion shares valued at RM1.15 billion were received from the Malaysian public, with an issue price of RM0.38 per share.

For the Bumiputera portion, a total of 20,448 applications for 1.352 billion new shares were received, representing an oversubscription rate of 100.74 times, while for the public portion, a total of 16,160 applications for 1.676 billion new shares were received, representing an oversubscription rate of 125.14 times, it said in a statement today.

Meanwhile, 13.29 million new shares made available to the eligible directors and employees have also been fully subscribed.

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