Eckem Holdings' IPO Gets Oversubscribed By 8.1 Times
Eckem Holdings (KLSE: ECKEM) said its initial public offering drew strong demand from retail investors ahead of its ACE Market listing, as it was oversubscribed by 8.1 times, according to a Wednesday Malaysian bourse filing.The company received 5,152 applications for a little over 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 4.2 times and 11.9 times, respectively, the specialty industrial chemical and rubber product maker said.Meanwhile, shares allocated by way of private placement to eligible employees and directors of the company, Bumiputera investors approved by the MITI, and selected investors were fully placed out.
