NWE Resources’ public IPO allocation oversubscribed by 2.82 times
Private placement shares were allocated to 16 identified investors, none of whom would become a substantial shareholder through the IPO.
Demand from Malaysian public applicants for NWE Resources Group Bhd’s initial public offering (IPO) exceeded the available allocation by 2.82 times, the company said. It reported applications numbering 3,068, seeking 103.16 million issue shares, ahead of its ACE Market listing on Bursa Malaysia.
The company disclosed the subscription figures in an Oct 13 filing with Bursa Malaysia. Within the Bumiputera allocation, applicants sought 38.93 million issue shares through 1,536 applications, putting oversubscription at 1.88 times.
For the separate public category, oversubscription reached 3.76 times. This category drew 1,532 applications seeking 64.23 million issue shares, according to the company.
Subscriptions also covered the entire allocation for eligible persons, comprising 10.8 million issue shares. The company said its placement agent had fully placed 105.34 million issue shares offered to selected investors.
Those private placement shares were allocated among 16 identified investors. NWE Resources said the IPO would not result in any of those investors becoming a substantial shareholder.
