$HAWK (0320.MY)$ transfer listing from LEAP Market to ACE Market through an IPO exercise 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.
Notices of allotment will be posted to all successful applicants by 3 September 2024.
Steel Hawk is scheduled to be listed on the ACE Market of Bursa Securities on Thursday, 5 September 2024. Upon the transfer of listing, Steel Hawk will have a market capitalisation of approximately RM73.50 million based on issue price of RM0.15 per share and the enlarged share capital of 490.00 million shares.
UOB Kay Hian Securities (M) Sdn Bhd is the Principal Adviser, Sponsor, Underwriter, and Placement Agent of the transfer of listing.
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