Public tranche of ECA Integrated IPO oversubscribed

KUALA LUMPUR: The public portion of ACE Market-bound ECA Integrated Solution Bhd’s initial public offering (IPO) is oversubscribed by 110.17 times.

In a statement filed with Bursa Malaysia yesterday, Malaysian Issuing House Sdn Bhd (MIH), on behalf of ECA Integrated, said the automated manufacturing solutions provider received 19,139 applications for 3.21 billion issue shares from the Malaysian public.

“A total of 8,980 applications for 1.02 billion issue shares were received under the bumiputra category, representing an over subscription rate of 69.64 times,” said the issuing house.

“Meanwhile, 10,159 applications for 2.19 billion issue shares were received under the other Malaysian public category, representing an over subscription rate of 150.69 times,” it said.

MIH added that 14.40 million issue shares available for application by eligible directors, employees and persons who have contributed to the success of ECA Integrated have been fully subscribed.

Additionally, 106.72 million issue shares and 48 million offer shares allocated for private placements to selected investors have also been fully placed.

UOB Kay Hian Securities (M) Sdn Bhd is the principal adviser, sponsor, placement agent and underwriter for the IPO.

ECA Integrated is scheduled to be listed on the ACE Market of Bursa Malaysia on Nov 23, 2022.

It aims to raise RM25.5 million from the IPO with an issue price of 17 sen per share to fund working capital requirements and the acquisition of machinery.