VETECE Holdings Berhad (威 特思 公司), a provider of enterprise IT solutions, has seen overwhelming investor interest in its initial public offering (IPO). The IPO, set to list on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities) on August 28, 2024, has been oversubscribed by 187.41 times.

The company is offering 137,200,000 ordinary shares, including 98,000,000 new shares priced at RM0.25 each, aiming to raise RM24.50 million. Additionally, 39,200,000 existing shares are being sold through private placement. The IPO has attracted 31,054 applicants requesting a total of 3,692,919,000 shares, valued at approximately RM923.23 million.

The shares allocated for the Malaysian public, as well as those for eligible directors, senior management, and employees, have been fully subscribed. Private placements to selected investors have also been completed.

VETECE's Executive Vice Chairman, Mr. Vernon Tee Chee Chiang, expressed gratitude for the strong investor response, stating that the funds raised will support the company's strategic growth initiatives. Kenanga Investment Bank Berhad is serving as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO.

Upon listing, VETECE is expected to have a market capitalization of approximately RM98 million.

4o mini