Chemlite Innovation Berhad (“Chemlite Innovation” or the “Company”), an established engineering support services provider specialising in surface finishing treatment services, is pleased to announce the successful completion of the balloting process for its Initial Public Offering (“IPO”) in conjunction with its listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
The IPO involves the following:
(I) Public issue of 120,000,000 Issue Shares in the following manner:
· 30,000,000 Issue Shares made available for application by the Malaysian public;
· 21,000,000 Issue Shares reserved for application by the eligible directors and employees as well as persons who have contributed to the success of Chemlite Innovation and its subsidiary (“Eligible Persons”);
· 54,000,000 Issue Shares by way of private placement to identified institutional and/or selected investors; and
· 15,000,000 Issue Shares by way of private placement to identified Bumiputera investors approved by the MITI, and
(II) Offer for sale of 60,000,000 Offer Shares by way of private placement to identified Bumiputera investors approved by the MITI.
30,000,000 Issue Shares are offered to the Malaysian public through a balloting process, of which 15,000,000 Issue Shares, representing 2.50% of the enlarged issued share capital of the Company, are set aside for Bumiputera investors.
A total of 9,288 applications for 882,279,300 Issue Shares with a total value of RM220,569,825.00 were received from the Malaysian public, representing an overall oversubscription rate of 28.41 times. For the Bumiputera portion, a total of 4,843 applications for 381,162,500 Issue Shares were received, representing an oversubscription rate of 24.41 times. Meanwhile, for the public portion, a total of 4,445 applications for 501,116,800 Issue Shares were received, representing an oversubscription rate of 32.41 times.
In addition, the 21,000,000 Issue Shares made available for application by Eligible Persons have been fully subscribed.
The Placement Agent has confirmed that the 54,000,000 Issue Shares made available by way of private placement to identified institutional and/or selected investors have been fully placed out. Similarly, the 75,000,000 IPO Shares (comprising 15,000,000 Issue Shares and 60,000,000 Offer Shares) made available by way of private placement to identified Bumiputera investors approved by the MITI have been fully subscribed.
Mr. Chong Yuen Fong, Executive Director and CEO of Chemlite Innovation Berhad, commented, “We are incredibly honoured and grateful for the overwhelming response from the investors towards our IPO. The strong demand for our shares is a testament to investor confidence in Chemlite Innovation’s business model, technical capabilities, and growth potential. With the funds raised, we are well-positioned to enhance our production capabilities, invest in research and development as well as expand our service offerings to better cater to our customers across various industries.”
UOB Kay Hian Securities (M) Sdn Bhd serves as the Principal Adviser, Sponsor, Underwriter and Placement Agent for Chemlite Innovation.
