Kuala lumpur: Polymer Link Holdings Bhd’s initial public offering (IPO) has seen an overwhelming response, with its public portion oversubscribed by 48.74 times as it prepares for its listing on the ACE Market of Bursa Malaysia on November 25. The company revealed this in a statement, highlighting the enthusiastic interest shown by investors.

According to BERNAMA News Agency, the Malaysian public submitted 11,360 applications for a total of 1.39 billion issue shares, valued at RM348.21 million, resulting in the significant oversubscription. Specifically, the Bumiputera portion received 6,238 applications for 718.59 million issue shares, translating to an oversubscription rate of 50.33 times. The public portion, meanwhile, saw 5,122 applications for 674.25 million issue shares, with an oversubscription rate of 47.16 times.

Polymer Link, a plastic manufacturer, has structured its IPO to include 121.23 million ordinary shares. This consists of a public issue of 97.15 million new ordinary shares priced at 25 sen per share, and an offer for sale of 24.08 million existing shares. Of the public issue, 28 million shares, representing 5.0 per cent of the group’s enlarged issued share capital, will be available to the public. Half of these shares are allocated to non-Bumiputera investors, with the remainder reserved for Bumiputera investors.

Additionally, 4.44 million shares (0.8 per cent) have been set aside for eligible directors and employees. Meanwhile, 64.71 million IPO shares (11.5 per cent) and the offer for sale of 24.08 million existing shares (4.3 per cent) are designated for private placement to selected investors. Polymer Link confirmed that the 4.44 million issue shares and the 88.79 million shares available through private placement have been fully subscribed.

The company aims to raise RM24.3 million from the IPO, with Hong Leong Investment Bank Bhd serving as the principal adviser, sponsor, sole placement agent, and sole underwriter. DWA Advisory Sdn Bhd is acting as the financial adviser for the IPO.