PETALING JAYA: ACE Market-bound power cable manufacturer Master TEC Group Bhd’s 51 million initial public offering (IPO) shares available for public application have been oversubscribed by 7.11 times.

       The Melaka-based company said a total of 7,276 applications for 413.65 million shares worth RM161.32mil were received from the Malaysian public for the IPO shares.

       Master Tec, which is scheduled for a listing on Jan 29, 2024, has been involved in the manufacture and distribution of power cables, control and instrumentation cables and solar direct current power cables under the Mastertec trademark since 2009. — Bernama