PETALING JAYA: Inspace Creation Bhd, a comprehensive interior fitting-out services provider, announced that the Malaysian public portion of its initial public offering (IPO) has been oversubscribed by 70.3 times.
The overwhelming response ahead of its listing on the ACE Market of Bursa Malaysia Securities, the company said, reflects significant investor confidence in its operational track record, expertise in commercial office environments and expansion plans.
Inspace Creation’s IPO comprises 97.8 million ordinary shares, consisting of a public issue of 68.5 million new shares (public issue shares) and an offer for sale of 29.3 million existing shares (offer shares).
A total of 10,411 applications for 1.32 billion public issue shares were received, resulting in an overall oversubscription rate of 70.3 times. Specifically, 6,189 applications for 633.07 million public issue shares were received for the Bumiputera portion, representing an oversubscription rate of 67.57 times. Meanwhile, a total of 4,222 applications for 683.59 million public issue shares were received for the other Malaysian public portion, representing an oversubscription rate of 73.04 times.
Executive director Wong Chong Siong said, “We are deeply encouraged by the strong investor interest, which underscores the market’s belief in our capabilities and our ability to deliver high-quality, end-to-end interior solutions for a diverse corporate clientele. This successful balloting process provides a solid foundation for our next chapter as a public-listed entity, where we will focus on enhancing our operational efficiency through setting up a storage and mock-up space and expanding our geographical footprint beyond the Klang Valley as well as other commercial segments.”
Inspace Creation is scheduled to be listed on May 8.
TA Securities Holdings Bhd is the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO.
