Steel Hawk $HAWK (0320.MY)$ has succesffuly debut on the ACE Market at 30 sen a 100% premium from its listing price of 15 sen in early trading today.

The company is transferring its listing from LEAP Market to ACE Market through an IPO exercise which received a major confidence boost after investors oversubscribed the shares by a rate of 276.83 time, ranking it as the highest subscription compared to all IPOs in the past 10 years, based on information extracted from the website of Bursa Securities.

The group is principally involved in providing onshore and offshore support services for the oil and gas industry with core capabilities in engineering, procurement, construction, and commissioning services and maintenance of topside O&G facilities, installation and maintenance of oilfield equipment, and supply of oilfield equipment.

Steel Hawk's IPO which is undertaken in conjunction with its transfer of listing involves the issuance of 134.70 million ordinary shares, featuring a public issue of 90.00 million new shares at an issue price of RM0.15 per share. This represents 18.37% of the enlarged share capital, with RM13.50 million expected to be raised from the public issue. In addition, there is an offer for sale of 44.70 million existing shares by way of private placement to selected investors.

It received a total of 34,838 applications for 6.81 billion shares with a value of approximately RM1.02 billion for the 24.50 million shares allocated to the Malaysian public, representing an overall oversubscription rate of 276.83 times.