PETALING JAYA: AMS Advanced Material Bhd, an aluminium specialist supplying and processing various assortment of aluminium, is pleased to announce that the public balloting for its initial public offering (IPO) was successfully conducted this afternoon, with strong participation from both retail and institutional investors.
The company received a total of 8,110 applications for 307,032,400 shares for the 30,602,000 shares made available to the Malaysian public, representing an oversubscription rate of 9.03 times. The Bumiputera portion attracted 3,034 applications for 60,961,000 shares, oversubscribed by 2.98 times, while the remaining public portion recorded 5,076 applications for 246,071,400 shares, oversubscribed by 15.08 times. In addition, the 2,155,000 shares allocated to eligible directors and employees of the Company, together with the institutional offering were fully subscribed.
AMS managing director Keh Teng Yang said it is encouraged by the strong response to the IPO, particularly the overwhelming support from both retail and institutional investors.
“The oversubscription of the public portion reflects investors’ confidence in our business fundamentals and industry prospects. Notably, we have also attracted participation from 7 institutional funds for the placement of our shares. As we move closer to our listing on the ACE market, we remain focused on our business operation and delivering sustainable growth for our stakeholders,” Key said in a statement.
M & A Securities managing director (corporate finance) and executive director Datuk Bill Tan said, “We are pleased to see the strong response to AMS’s IPO, which reflects investors’ confidence in the Company. The successful subscription, together with the participation from institutional investors, underscores the market’s positive reception towards AMS’s value proposition. We are honoured to be part of AMS’s listing journey.”
M & A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for this IPO exercise.
