Kucingko Berhad's potential Initial Public Offering (IPO) debut on the Ace Market of Bursa Malaysia Securities Berhad has seen its shares reaching an oversubscription rate of 99.02 times.

In a Bursa Malaysia filing today, Kenanga Investment Bank Berhad (Kenanga) said that in conjunction with the listing of the entire enlarged issued share capital of Kucingko, on part of the Malaysian Public Balloting, a total of 21,929 applications for 2,500,507,000 Issue Shares with a value of RM750.2 million were received from the Malaysian Public for 25,000,000 Issue Shares made available for application by the Malaysian Public, which represents an overall oversubscription rate of 99.02 times.

Of this, a total of 7,242 applications for 822,427,600 Issue Shares were received for the Bumiputera portion representing an oversubscription rate of 64.79 times. For the remaining Malaysian public portion, a total of 14,687 applications for 1,678,079,400 Issue Shares were received, which represents an oversubscription rate of 133.25

A total of 10,000,000 Issue Shares made available for application by the eligible Directors, employees of the Group and persons who have contributed to the Group's success, have been fully subscribed.

The 165,000,000 IPO Shares (comprising 65,000,000 Issue Shares and 100,000,000 Offer Shares) made available by way of private ate placement to selected investors have been fully placed out, Kenanga said.