NWE Resources IPO draws 2.82 times oversubscription from Malaysian public
The eligible-person allocation was fully subscribed, while 105.34 million issue shares were placed with 16 investors.
NWE Resources Group Bhd reported that Malaysian public demand for its initial public offering exceeded the allocation by 2.82 times before its planned debut on Bursa Malaysia's ACE Market. In a stock exchange filing, the company said it received 3,068 applications covering 103.16 million issue shares from the Malaysian public.
The Bumiputera allocation attracted 1,536 applications covering 38.93 million issue shares, with oversubscription reaching 1.88 times. For the public allocation, the company recorded 1,532 applications covering 64.23 million issue shares and an oversubscription rate of 3.76 times.
Separately, NWE Resources said eligible persons had subscribed for all 10.8 million issue shares reserved for them. The placement agent also completed the private placement of 105.34 million issue shares offered to selected investors, according to the company.
Those private placement shares were allocated to 16 identified investors. NWE Resources said the IPO would not result in any of those investors becoming a substantial shareholder.
