,Seng Fong managing director Er Hock Lai

KUALA LUMPUR: Rubber processor Seng Fong Holdings Bhd’s initial public offering (IPO) has been oversubscribed by 3.09 times.

In a statement, the company said a total of 3,968 applications for 106.04 million IPO shares with a value of RM79.53mil were received from the Malaysian public, which represented an overall oversubscription rate of 3.09 times.

The Bumiputra public portion of shares was oversubscribed by 1.45 times, after a total of 2,097 applications for 31.76 million IPO shares were received

The remaining Malaysian public portion, a total of 1,871 applications for 74.28 million IPO shares were received, representing an oversubscription rate of 4.73 times.

Meanwhile, the 16.25 million IPO shares available to the eligible directors and employees of the group and persons who have contributed to the success of the group have also been fully subscribed.

"We would like to thank investors for their response to our IPO as this is an indication of their confidence in the fundamentals of the business.

“We can now look forward to capture opportunities arising from the increasing demand from existing customers as well as from new customers as we ramp up production through the hiring of more people for a second shift and implementing ESG initiatives to make our business more sustainable,” managing Director Er Hock Lai said.

Hong Leong Investment Bank Bhd is the principal adviser, underwriter and placement agent for the IPO.

Seng Fong is expected to be listed on the Main Market of Bursa Malaysia on July 7.

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