Manforce Group Bhd’s initial public offering (IPO), conducted in conjunction with its transfer from the LEAP Market to the ACE Market of Bursa Malaysia, saw its public portion oversubscribed by 3.47 times.
The company, which provides foreign workforce management, manual labour, and hostel management services, offered shares at 38 sen each. The IPO attracted 2,932 applications for 61.41 million shares, with a total value of RM23.34 million.
The exercise comprises the issuance of 79,996,000 new ordinary shares and an offer for sale of 19,999,000 existing shares.
According to Tricor Investor and Issuing House Services Sdn Bhd, the 19,999,000 shares allocated to the Malaysian public were oversubscribed by 2.07 times overall. Within this, the bumiputera portion received 1,270 applications for 16.73 million shares, reflecting a 0.67 times oversubscription rate.
Meanwhile, the public (non-bumiputera) portion received 1,662 applications for 44.68 million shares, resulting in a higher oversubscription rate of 3.47 times.
The 10 million shares reserved for eligible directors and employees were fully taken up, indicating strong internal confidence in the company’s outlook. Institutional and private placement tranches were also fully subscribed, including allocations to bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), as well as selected investors.
Successful applicants will receive their allotment notices on May 4, 2026.M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO, while Eco Asia Capital Advisory Sdn Bhd serves as financial adviser.
M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO, while Eco Asia Capital Advisory Sdn Bhd serves as financial adviser.
