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Managing director Wong Choi Ong said the enthusiastic response reflects the public’s belief in the group’s fundamentals and prospects. Ecoscience is slated to be listed on July 18, 2022.

KUALA LUMPUR: ACE Market-bound Ecoscience International Bhd’s public portion of its initial public offering (IPO) has been oversubscribed by 7.23 times.

The integrated palm oil milling services provider said it received 3,908 applications for 139.89 million shares valued at about RM42mil for the 17 million shares allocated to the Malaysian public, representing an oversubscription rate of 7.23 times.

“For the bumiputra public portion, 2,187 applications for about 59.73 million shares were received, translating to an oversubscription rate of 6.03 times.

“For the non-bumiputra public portion, 1,721 applications for about 80.16 million shares were received, representing an oversubscription rate of 8.43 times,” it said in a statement.

Ecoscience said the 6.80 million shares available for application by the eligible directors and employees and persons who have contributed to the success of the company have been fully subscribed.

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Managing director Wong Choi Ong said the enthusiastic response reflects the public’s belief in the group’s fundamentals and prospects.

“With the funding secured, we are now ready to execute our expansion plans and capitalise on the growth opportunities available in the palm oil industry.

“The plans include the incorporation of a wholly-owned subsidiary as well as the establishment of a new fabrication facility and office in Indonesia, the world’s largest palm oil producer,” he said.

Ecoscience is slated to be listed on July 18, 2022. — Bernama

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