On July 22, 2024, $BWYS (0313.MY)$ shares increase by 56.82% from the issue price of RM0.22 to RM0.345 on the first day of trading.
BWYS Group Berhad is pleased to announce that the public issue of 2,537,940,700 IPO Shares made available for application by the Malaysian public are oversubscribed by 48.51 times.
The group plans to allocate a significant portion of the proceeds towards the construction of a new factory and the implementation of a new enterprise resource planning system, along with investments in new machinery and equipment. The remaining funds will be directed towards working capital, debt repayment, and costs associated with the listing process.
BWYS functions primarily as an investment holding entity. It operates through its subsidiaries, which are mainly engaged in the manufacturing of sheet metal products and the provision of scaffolding services. In addition to these core activities, BWYS also participates in the trade of steel materials and other steel-related products to enhance its offerings in the industry.
Source: Announcement