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Eckem's IPO Gets Oversubscribed By Eight Times Ahead of ACE Market Listing

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Eckem's (KLSE:ECKEM) initial public offering was oversubscribed by 8.09 times ahead of its ACE Market listing, reflecting solid demand from retail investors, according to a Wednesday Bursa Malaysia filing.

The formulator of specialty industrial chemicals received 5,152 applications for 284 million shares worth 34.1 million ringgit, compared with 31.3 million shares allocated to the Malaysian public.

The Bumiputera and public portions were oversubscribed by 4.24 times and 11.9 times, respectively.

Meanwhile, shares allocated to eligible persons, Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), and selected investors under private placements were fully subscribed or placed out, the company said.

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