KUALA LUMPUR: The public portion of MN Holdings Bhd's initial public offering (IPO) has been oversubscribed by 118.48 times.

       The underground utilities and substation engineering specialist, which is scheduled to be listed on the ACE Market on April 28, said it received a total of 17,205 applications for 2.44 billion new shares from the Malaysian public.

       “The oversubscription from the Malaysian public and the encouraging response from investors for the private placement portion is a vote of confidence in our business model and growth strategies.

       “Going forward, we would strive to secure more contracts and build our order book by leveraging on our competitive strengths,” said MN Holdings managing director Loy Siong Hay.

       Meanwhile, the company also announced that the 8.18 million new shares offered to eligible directors and employees under pink form allocations have also been fully subscribed.

       It also confirmed that all the private placement and offer shares to selected investors and identified Bumiputera investors have been fully placed out.

       As at March 9, MN Holdings completed 375 contracts with a cumulative value of RM261mil in the underground utilities and substation engineering services and solutions segments.

       The company has an order book of about RM172.2mil as at March 9, 2022, comprising RM135.4mil from the underground utilities engineering services and solutions segment and RM36.8mil from the substation engineering services and solutions segment.

       It said the order book will be recognised progressively over the next one to four financial years based on the expected progress of each project.