KUALA LUMPUR (April 3): Elevator manufacturer and distributor of electrical and electronics equipment EITA Resources Bhd, which is seeking a listing on the Main Board of Bursa Malaysia, received strong response for its Initial Public Offering (IPO) on the Main Market of Bursa Malaysia Securities Berhad (Bursa Malaysia), with its public tranche oversubscribed by 19.5 times.
In a statement Tuesday, the company said it received a total of 5,739 applications for 133.0 million shares with a total value of RM101.1 million, for the public tranche of 6.5 million shares under the Group’s IPO.
EITA group managing director Fu Wing Hoong said the oversubscription for its IPO as it indicates the investing community’s appreciation and level of confidence in EITA and its growth proposition.
“The upcoming listing in the Main Market will accelerate our expansion plans in both segments of elevator and E&E, by investing in new production facilities as well as research and development to enhance our corporate image and product offerings,” said Fu.
The company is scheduled to list on the Main Market of Bursa Malaysia on April, 2012.
The group’s IPO entailed a public issue of 23 million new ordinary shares and an offer for sale of 17 million ordinary shares, at an IPO price of RM0.76 per share.
Of the 23 million new shares, 6.5 million were allocated for public balloting and 3.5 million shares for eligible directors, employees and business associates of the Group.
In a statement Tuesday, the company said it received a total of 5,739 applications for 133.0 million shares with a total value of RM101.1 million, for the public tranche of 6.5 million shares under the Group’s IPO.
EITA group managing director Fu Wing Hoong said the oversubscription for its IPO as it indicates the investing community’s appreciation and level of confidence in EITA and its growth proposition.
“The upcoming listing in the Main Market will accelerate our expansion plans in both segments of elevator and E&E, by investing in new production facilities as well as research and development to enhance our corporate image and product offerings,” said Fu.
The company is scheduled to list on the Main Market of Bursa Malaysia on April, 2012.
The group’s IPO entailed a public issue of 23 million new ordinary shares and an offer for sale of 17 million ordinary shares, at an IPO price of RM0.76 per share.
Of the 23 million new shares, 6.5 million were allocated for public balloting and 3.5 million shares for eligible directors, employees and business associates of the Group.
