Engineering solutions provider Kawan Renergy Bhd has generated strong investor interest for its initial public offering , which has been oversubscribed by 94.99 times ahead of its listing on the ACE Market of Bursa Malaysia Securities .
Kawan Renergy’s IPO offers 144.5 million ordinary shares, including of 110 million new shares representing 20% of the enlarged share capital. With an issue price of 30 sen per share, Kawan Renergy is anticipated to raise RM33 million from its public issue. Additionally, there is an offer for sale of 34.5 million existing shares, or 6.3% of its enlarged share capital, by way of private placement to selected investors.
The 19.3 million shares available for application by the eligible directors and employees, as well as persons who have contributed to the success of the group have been fully subscribed.