PETALING JAYA: ACO Group Bhd’s initial public offering (IPO) has been oversubscribed by 15.53 times.
The electrical products and accessories distributor said it had received a total of 3,261 applications from the Malaysian public for 247.98 million new shares, representing an oversubscription rate of 15.53 times.
The oversubscription rates are 14.79 times and 16.28 times for the bumiputra portion and the remaining public portion, respectively.
Meanwhile, the nine million new shares available for eligible directors, employees and persons who have contributed to the success of the group have been fully subscribed.
Upon the group’s listing on March 18, its market capitalisation is estimated to be RM84 million based on an issue price of 28 sen per share.
“We have laid a strong foundation and built a resilient business model over the last 29 years. This has paved the way for our future growth as we continually aim to ‘power up’ the electrical products value chain in the underserved territories in Peninsular Malaysia,” ACO managing director Tang Pee Tee said in a statement, adding that the company will expand its presence in other towns within Johor and in other states over the next three years.