KUALA LUMPUR: ACE-Market bound Wentel Engineering Holdings Bhd’s initial public offering (IPO) has been oversubscribed by 17.72 times.

       Wentel is principally involved in the fabrication of semifinished metal products, fabrication of metal parts and assembly of finished products for the manufacturers of several industries.

       The company said a total of 10,430 applications for 1.07 billion issue shares with a value of RM279.81mil were received from the Malaysian public, representing an overall oversubscription rate of 17.72 times.

       For the Bumiputera portion, a total of 6,016 applications for 407.17 million issue shares were received, which represents an oversubscription rate of 13.16 times.

       It said that for the public portion, a total of 4,414 applications for 669.02 million issue shares were received, representing an oversubscription rate of 22.27 times.

       Meanwhile, 33 million shares made available for application by the eligible persons have also been fully subscribed.

       The placement agent, TA Securities Holdings Bhd, has confirmed 38.95 million issue shares and 46 million offer shares made available by way of private placement to selected investors, as well as the 143.75 million issue shares made available by way of private placement to Bumiputera investors approved by the MITI have been fully placed out.

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       TA Securities is the principal adviser, sponsor, underwriter and placement agent for this IPO.

       The company is slated for listing on Feb 6.