Kuala lumpur: AMS Advanced Material Bhd's initial public offering (IPO) has been oversubscribed by 9.03 times, ahead of its listing on the ACE Market of Bursa Malaysia: AMS Advanced Material Bhd revealed in a filing with Bursa Malaysia that it received 8,110 applications for 307.03 million issue shares, compared to the 30.60 million shares available to the Malaysian public.

According to BERNAMA News Agency, the bumiputera portion attracted 3,034 applications for 60.96 million shares, resulting in a 2.98 times oversubscription. Meanwhile, the remaining public portion recorded 5,076 applications for 246.07 million shares, oversubscribed by 15.08 times. Additionally, 2.16 million shares allocated to eligible directors and employees, along with the institutional offering, were fully subscribed, the aluminium specialist company stated in a separate announcement.

AMS managing director Keh Teng Yang commented that the oversubscription of the public portion reflects investor confidence in the company's business fundamentals and industry prospects. He noted the participation of seven institutional funds in the placement of their shares. As the company approaches its listing on the ACE market, slated for April 23, AMS remains committed to focusing on business operations and delivering sustainable growth for stakeholders.

MandA Securities Sdn Bhd serves as the principal adviser, sponsor, underwriter, and placement agent for this IPO exercise.