Public portion of CPE Tech’s IPO oversubscribed by over 17 times

TheEdge Tue, Nov 28, 2023 10:34pm - 3 months View Original

KUALA LUMPUR (Nov 28): Engineering support services provider CPE Technology Bhd, which is en route to listing on the Main Market of Bursa Malaysia on Dec 7, said its initial public offering (IPO) has been oversubscribed by 17.69 times by the Malaysian public.

In a statement on Tuesday, CPE Tech said it had received 12,374 applications for 627.49 million new shares with a total value of RM671.42 million.

Of the total, 6,619 applications were for 254.95 million shares under the Bumiputera category, representing an oversubscription rate of 14.19 times, while 5,755 applications were for 372.55 million shares under public category, representing an oversubscription rate of 21.20 times.

The group also said it has fully placed out the 83.92 million shares made available for application by way of private placement to Bumiputera investors approved by the Ministry of International Trade and Industry (Miti).

Also fully placed out were 50.35 million new shares and 67.13 million offer shares made available for application by way of private placement to institutional and selected investors, other than Bumiputera investors approved by Miti.

Under its listing exercise, CPE Tech aims to raise RM179.58 million from its public issue of 167.83 million new shares at an issue price of RM1.07 per share.  

Shares of CPE Tech were valued at a price-earnings-ratio of 23.71 times, based on basic earnings per share of 4.51 sen.

KAF Investment Bank Bhd is the principal adviser, underwriter and placement agent for the IPO exercise.

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