EPB Group Berhad ("EPB"), a leading provider of food processing and packaging machinery solutions, announced a significant response to its initial public offering (IPO). The public issue of 19,570,000 new ordinary shares for the Malaysian public was oversubscribed by 61.08 times.
The IPO consists of 71,570,000 new ordinary shares, allocated as follows:
Malaysian Public: 19,570,000 shares.
Bumiputera Investors: 30,804,000 shares via private placement, approved by the Ministry of Investment, Trade and Industry (MITI).
Eligible Directors, Management, Employees, and Associates: 21,196,000 shares reserved for those who contributed to the Group's success.
Additionally, 40,000,000 ordinary shares were offered for sale through private placements:Bumiputera Investors: 15,696,000 shares approved by MITI.
Selected Investors: 24,304,000 shares.
The Malaysian public submitted 25,756 applications for 1,214,904,500 public issue shares, valued at RM680,346,520, indicating a 61.08 times oversubscription rate. The Bumiputera category received 11,850 applications for 456,249,400 shares, with a 45.63 times oversubscription. Meanwhile, the public category saw 13,906 applications for 758,655,100 shares, reflecting a 76.53 times oversubscription.
Yeoh Chee Min, Managing Director of EPB Group Berhad, expressed his gratitude for the robust response: "We are deeply appreciative of the overwhelming interest in our IPO. This milestone reflects the market's confidence in EPB's strategic direction and potential. Our IPO opens the door to capital markets, equipping us with the necessary resources to drive our next phase of growth and innovation, particularly in robotics integration within our food processing and packaging machinery solutions. We are thankful for this show of trust and are ready to leverage this support to further our growth and create lasting value for our stakeholders."
Liew Meng Hooi, Deputy Managing Director of EPB Group Berhad, added: "Our commitment to integrating robotics and enhancing our food processing and packaging machinery solutions will be a key driver for our future growth. The strong investor interest in our IPO highlights the market's confidence in our growth strategy and the innovative solutions we provide. We are excited to explore new opportunities and expand our product offerings, ensuring that we stay ahead of industry trends and continue to deliver valuable solutions for our clients."
Lim Chia Wei, Managing Director of Malacca Securities Sdn. Bhd., commented on the IPO's success: "The positive investor response for EPB's IPO underscores the market's belief in EPB's capabilities and future prospects. The industry continues to show robust growth prospects, driven by increasing customer demand for quality, efficient, and automated solutions for food processing and packaging. EPB Group's innovative solutions and strategic focus on automation and customisation position it well to capitalise on these industry trends. We look forward to supporting the EPB Group in its mission to drive growth and enhance its service offerings across the region."
Malacca Securities Sdn. Bhd. served as the Principal Adviser, Sponsor, Underwriter, and Placement Agent, while WYNCORP Advisory Sdn. Bhd. acted as the Corporate Finance Adviser for EPB Group Berhad.
EPB Group Berhad is set to debut on the ACE Market of Bursa Securities on 23 August 2024.