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Powerwell IPO oversubscribed by 24.27 times

TheEdge Tue, Jan 14, 2020 08:35pm - 8 months ago

KUALA LUMPUR (Jan 14): Powerwell Holdings Bhd, en route to list on the ACE Market of Bursa Malaysia on Jan 22, saw the public tranche of its initial public offering oversubscribed by 24.27 times.

In a statement today, Powerwell said it received a total of 7,219 applications for 601.38 million shares, with a value of RM150.34 million, for 23.8 million shares made available for application by the Malaysian public.

The IPO exercise entails a public issue of 87.4 million shares and an offer for sale of 58.06 million existing shares.

The 63.6 million shares and 49.71 million offer shares offered to institutional and selected investors, as well as Bumiputera investors, have also been fully placed out.

Under the listing exercise, Powerwell will raise RM21.85 million, of which RM10.27 million has been earmarked for capital expenditure, RM3.87 million for certification expenditure and RM3.62 million for working capital. The remaining RM4.1 million is for the estimated listing expenses.

“We are elated by the oversubscription for our IPO shares of over 24 times, a testimony of the trust and confidence investors have in our business model. The great start to the year is further accentuated with good news, as we managed to secure orders of over RM15 million which are expected to be delivered this year," said Powerwell managing director Jason Tham.

Mercury Securities Sdn Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO exercise.

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