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KUALA LUMPUR: AMS Advanced Material Bhd’s initial public offering was oversubscribed by 9.03 times following strong demand from investors ahead of its ACE Market listing on April 23.
In a statement, the Penang-based aluminium specialist said it received 8,110 applications for 307.03 million shares for the 30.6 million shares made available to the Malaysian public, representing an oversubscription rate of 9.03 times.
The Bumiputera portion was oversubscribed by 2.98 times, while the remaining public portion was oversubscribed by 15.08 times. Shares allocated to eligible directors and employees, as well as the institutional offering, were fully subscribed.
AMS managing director Keh Teng Yang said the response reflected confidence in the company’s business and growth prospects, with participation from seven institutional funds. “We have also attracted participation from seven institutional funds for the placement of our shares. As we move closer to our listing on the ACE market, we remain focused on our business operation and delivering sustainable growth for our stakeholders.”
M & A Securities managing director and executive director, Datuk Bill Tan, said the strong take-up indicated a positive market reception towards AMS’ value proposition. M & A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.
AMS Advanced Material Bhd IPO ACE Market Bursa Malaysia M & A Securities
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