KUCHING: Investor demand for Sarawak-based Insights Analytics Bhd has surged, with its initial public offering (IPO) oversubscribed by 53.62 times within just five days ahead of its ACE Market debut on October 27.
The technology solutions provider received 14,397 applications for 1.5 billion new shares worth RM540.72 million, compared to the 27.5 million new shares available to the Malaysian public.
The Bumiputera public portion was oversubscribed by 44.05 times, attracting 7,161 applications for 619.38 million shares, while the nonBumiputera public portion saw 7,236 applications for 882.61 million shares, translating to an oversubscription rate of 63.19 times. All 11 million new shares offered under the pink form allocation to eligible directors, employees and contributors were fully subscribed.
The placement agent also confirmed that 82.5 million shares offered via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) and selected investors were fully placed out. Managing director Frank Wee said the company was encouraged by the overwhelming response to its IPO, which underscored investors’ confidence in the group’s growth prospects.
“The resounding success of our IPO is a testament to investors’ trust in Insights Analytics’ vision and technological direction,” he said. Wee added that proceeds from the listing would fund the group’s business expansion, new IT solution development, and enhancement of existing services.
“With the IPO funds, we aim to accelerate our business growth, create new IT solutions and improve our existing offerings.
This will enable us to play a key role in advancing Malaysia’s digital transformation in water resource management and contribute to Sarawak’s smart city initiatives,” he said.
Under the listing exercise, Insights Analytics aims to raise RM43.56 million through the public issue of 121 million new shares at RM0.36 per share.
The exercise also includes an offer for sale of 27.5 million existing shares to Bumiputera investors approved by MITI via private placement. Upon listing, based on an enlarged share capital of 550 million shares, the company will have a market capitalisation of RM198 million. M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO.
