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SLGC's IPO Sees 3.1 Times Oversubscription

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SLGC's (KLSE:SLG) initial public offering was 3.06 times oversubscribed by the Malaysian public ahead of its listing on Bursa Malaysia's ACE Market.

The construction services provider received 4,647 applications for about 113.7 million shares, compared with 28 million shares initially offered to the Malaysian public, according to a Thursday filing.

The Bumiputera public portion was oversubscribed 1.24 times, while the other Malaysian public portion was oversubscribed 4.89 times.

The IPO comprises 105 million new shares priced at 0.28 ringgit each and an offer for sale of 63 million existing shares.

SLGC is expected to raise 29.4 million ringgit from the new-share issuance.

The company is scheduled to list on the ACE Market on Oct. 6.

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