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 semi-finished metal products, fabrication of metal parts and assembly of finished products for manufacturers in 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 bumiputra 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 of the offering, a total of 4,414 applications for 669.02 million issue shares were received, representing an oversubscription 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 bumiputra investors approved by the Investment, Trade and Industry Ministry have been fully placed out.

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       Tan Sri Ir Dr Lim Hock San is MGB Berhad group executive chairman

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

       The company is scheduled for listing on Feb 6.