SumiSaujana Saw Its IPO Oversubscribed By 1.85 Times
ACE Market-bound SumiSaujana Group Bhd announced that its IPO exercise has received favourable response from the investors as the company received 5,512 public applications for 206.64 million shares amounting to RM49.59 million, representing an oversubscription rate of 1.85 times.
In a statement, the company said the IPO exercise for the Bumiputera portion also recorded an oversubscription rate of 1.23 times, while the other Malaysian public portion saw an oversubscription of 2.47 times.
SumiSaujana Executive Director/ Chief Executive Officer Norazlam Norbi said the favourable demand for its IPO underscores investors’ confidence in the company’s business model, industry expertise, and growth trajectory.
“With the funds raised, we will further strengthen our operations, enhance production capacity, and expand our market presence to create sustainable value for our stakeholders, ensuring long-term business growth,” he said.
SumiSaujana’s IPO exercise entails the public issuance of 310 million new ordinary shares (Issue Shares) and an offer for sale of up to 90 million existing shares, representing 27.71% of the company’s enlarged issued share capital.
The company said it has allocated 54% or RM40.2 million from the funds raised from the IPO exercise for a new warehouse and corporate office in Puncak Alam, 25.4% (RM18.9 million) to acquire its existing factory there, 10.3% (RM7.6 million) for research and development expansion, and the rest for capital expenditure and listing costs.
SumiSaujana is scheduled to be listed on the ACE Market on April 9, 2025.
RHB Investment Bank Bhd is the principal advisor, sponsor, sole underwriter and sole placement agent for SumiSaujana’s IPO.
