ACE Market-Bound West River's IPO Oversubscribed By 0.26 Times

KUALA LUMPUR, April 22 (Bernama) -- Mechanical and electrical (M&E) engineering services provider, West River Bhd’s initial public offering (IPO) shares have been oversubscribed by 0.26 times, ahead of its listing on the ACE Market of Bursa Malaysia Securities Bhd on May 5, 2025.

The IPO entails the issuance of 17.89 million new shares to the Malaysian public at 39 sen each, attracting 1,288 applications for 22.45 million shares worth RM8.75 million, the company said in a statement filed with Bursa Malaysia today.

It said for the Bumiputera portion, a total of 548 applications for 5.04 million shares were received, while the public portion recorded a total of 740 applications for 17.40 million shares, which represents an oversubscription rate of 0.95 times.

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According to the company, the IPO also included 8.94 million shares available for eligible persons,  and 44.71 million shares placed out to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, all of which have been fully taken up.

Additionally, 35.77 million existing shares by way of private placement to selected investors have also been fully taken up.

M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO.

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Previously, it was reported that West River aims to raise RM27.9 million from the listing for the acquisition of land and construction of a new manufacturing factory cum warehouse in the Klang Valley area, as well as business development, debt repayment and working capital.

-- BERNAMA