KUALA LUMPUR: Logistics service provider KGW Group Bhd’s initial public offering (IPO) was oversubscribed by 50.45 times.

       A total of 11,329 applications for 1.24 billion issue shares with a value of RM260.81mil were received from the Malaysian public, representing an overall oversubscription rate of 50.45 times.

       For the Bumiputera portion, a total of 6,868 applications for 624.4 million issue shares were received, which represents an oversubscription rate of 50.74 times.

       For the public portion, a total of 4,461 applications for 617.4 million issue shares were received, which represents an oversubscription rate of 50.16 times.

       Meanwhile, 9.6 million issue shares made available for application by the eligible directors, employees and persons who have contributed to the success of the group have also been fully subscribed

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

       Eco Asia Capital Advisory Sdn Bhd is the Financial Adviser for this IPO

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       KGW is expected to be listed on the Ace Market of Bursa Malaysia on August 1, 2023.