KUALA LUMPUR: ACE Market-bound power cable manufacturer Master Tec Group Bhd’s 51 million initial public offering (IPO) shares available for public application have been oversubscribed by 7.11 times.

The Melaka-based company said a total of 7,276 applications for 413.65 million shares worth RM161.32 million were received from the Malaysian public for the IPO shares.

Under the Bumiputera portion comprising 25.5 million shares, a total of 2,475 applications for 80.30 million IPO shares were received, which represents an oversubscription rate of 2.15 times, it said in a filing with Bursa Malaysia today.

For the rest of the public category, a total of 4,801 applications for 333.34 million IPO shares were received, which represents an oversubscription rate of 12.07 times, Master Tec said.

The company said the 2.14 million IPO shares made available for application by the eligible directors and employees have been fully subscribed.

Meanwhile, the 104.96 million shares available for private placement to selected investors have been fully placed out, it added.

Master Tec, which is scheduled for a listing on Jan 29, 2024, has been involved in the manufacture and distribution of power cables, control and instrumentation cables and solar direct current power cables under Mastertec trademark since 2009. – Bernama