Engineering Group Sum Technology's Malaysia IPO Oversubscribed 111x
Sum Technology's (KLSE:SUM) initial public offering on the ACE Market of Bursa Malaysia was oversubscribed 110.5x, according to a Monday Malaysian bourse filing.The public portion attracted 19,834 applications for 2.51 billion IPO shares valued at 702.7 million ringgit. The oversubscriptions for the Bumiputera and public tranches were 71.9x and 149.1x, respectively, while the shares allocated to eligible persons were fully subscribed.Meanwhile, all 56.3 million shares allocated to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry were fully subscribed, while 33.8 million shares allocated to selected investors were fully placed out via private placement.The Malaysian engineering company is expected to start trading June 18.
