ES Sunlogy Berhad (“ES Sunlogy” or the “Company”), an established provider of mechanical and electrical (“M&E”) engineering services and renewable energy solutions, is pleased to announce that the share allocation to the Malaysian public from its initial public offering (“IPO”) has been oversubscribed by 60.13 times.
To recap, ES Sunlogy’s IPO involves the issuance of 210.00 million ordinary shares, comprising a public issue of 140.00 million new shares (“Issue Shares”) and an offer for sale of 70.00 million existing shares (“Offer Shares”). The IPO shares were made available for application in the following manner:
Public Issue
1. Malaysian public
- 35.0 million Issue Shares representing 5.0% of the Company’s enlarged share capital, of which 2.5% will be made available to public investors and 2.5% to Bumiputera public investors.
2. Eligible directors, employees and persons who have contributed to the success of ES Sunlogy and its subsidiaries (collectively, the “Group”) (“Eligible Persons”)
- 17.5 million Issue Shares representing 2.5% of the Company’s enlarged share capital to be allocated to Eligible Persons (“Pink Form Allocations”).
3. Private placement to Bumiputera investors
- 87.5 million Issue Shares representing 12.5% of the Company’s enlarged share capital, are placed out to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“MITI”).
Offer for sale
· Offer for sale of 70.0 million Offer Shares representing 10.0% of the Company’s enlarged share capital, are offered to selected investors by way of private placement.
A total of 23,723 applications for 2,139,387,000 Issue Shares with a value of RM641.82 million were received from the Malaysian public, representing an overall oversubscription rate of 60.13 times. Of this, 10,627 applications for 699,319,400 Issue Shares were received for the Bumiputera portion, representing an oversubscription rate of 38.96 times. For the remaining Malaysian public portion, 13,096 applications for 1,440,067,600 Issue Shares were received, representing an oversubscription rate of 81.29 times.
The 17.50 million Issue Shares allocated to Eligible Persons, as well as the 87.50 million Issue Shares and 70.00 million Offer Shares made available via private placement, were fully subscribed.
Managing Director of ES Sunlogy Berhad, Mr. Khor Chuan Meng, expressed his gratitude, saying, “We are truly humbled by the overwhelming response from investors, which reflects strong confidence in ES Sunlogy’s vision and growth potential. The funds raised from this IPO will support our expansion in the M&E engineering and renewable energy sectors, further strengthening our capabilities and positioning us for long-term success.”
ES Sunlogy Berhad is scheduled to be listed on the ACE Market of Bursa Malaysia Securities Berhad on 20 February 2025.
M & A Securities Sdn Bhd is the Principal Adviser, Sponsor, Underwriter, and Placement Agent for this IPO.
