Agmo's IPO oversubscribed 120.15 times

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KUALA LUMPUR: The public portion of digital solutions and application development specialist Agmo Holdings Berhad's initial public offering (IPO) has been oversubscribed by 120.15 times.

The digital solutions and application development specialist said a total of 14,277applications for 1.96 billion new shares were received from the Malaysian public, representing an oversubscription rate of 120.15times.

A total of 5,309applications for 585.39 million new shares were received under the Bumiputera category, representing an oversubscription rate of 71.05times, while 8,968 applications for 1.383 billion new shares were received under the other Malaysian public category, representing an oversubscription rate of 169.25times.

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Meanwhile, the total of 6.5 million new shares available for application by eligible directors, key senior management, employees, and business associates of Agmo and its subsidiaries were fully subscribed.

The placement agent has confirmed that the 62.25 million new shares made available for application by way of private placement to selected investors have been fully placed.

Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent for the ipo exercise.

Agmo, which is expected to list on the ACE Market of Bursa Malaysia on Aug 18, aims to raise RM22.1mil in proceeds from its IPO to fund its business expansion plans.