Kawan Renergy Berhad ‘s IPO has been oversubscribed by 94.99 times ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad.
The company is principally involved in the design, fabrication, installation and commissioning of industrial process equipment, process plants as well as renewable energy and co-generation plants. Its engineering solutions are applicable for a wide range of industries such as food processing, oleochemical and chemical processing, oil and gas, waste recovery, power plant and utilities. Additionally, the Group is also involved in the power generation and sale of electricity business.
It received a total of 23,636 applicants for 2,639,698,700 shares, worth approximately RM791,909,610 for the 27.5 million shares allocated to the Malaysian public, representing an overall oversubscription rate of 94.99 times.
Notices of allotment will be posted to all successful applicants by 27 May 2024.
Kawan Renergy is scheduled to be listed on the ACE Market of Bursa Securities on 29 May 2024. Upon listing, it will have a market capitalisation of approximately RM165.0 million based on the issue price of RM0.30 per share and the enlarged share capital of 550.0 million shares.
M & A Securities Sdn Bhd is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise.
