Kuala lumpur: Manforce Group Bhd's public portion of its initial public offering (IPO) has been oversubscribed by 3.47 times, aligning with its transition from the LEAP Market to the ACE Market of Bursa Malaysia.

According to BERNAMA News Agency, the foreign workforce management, manual labor services, and hostel management solutions provider revealed that the share offer, priced at 38 sen per share, garnered 2,932 applications for 61.41 million issue shares, summing up to a value of RM23.34 million. The IPO exercise comprises a public issue of 79,996,000 new ordinary shares and an offer for sale of 19,999,000 existing shares.

Tricor Investor and Issuing House Services Sdn Bhd indicated that the 19,999,000 issue shares allocated to the Malaysian public recorded an overall oversubscription rate of 2.07 times. Specifically, the bumiputera portion saw 1,270 applications for 16.73 million shares, resulting in an oversubscription rate of 0.67 times, whereas the public portion received 1,662 applications for 44.68 million shares, marking an oversubscription rate of 3.47 times.

Moreover, the 10 million shares designated for eligible directors and employees were fully subscribed, demonstrating internal confidence in the company's future prospects. The institutional and private placement segments also achieved full subscription. This includes 29,999,000 issue shares and 19,999,000 offer shares allocated to bumiputera investors sanctioned by the Ministry of Investment, Trade and Industry (MITI), along with 19,998,000 issue shares placed with selected investors.

Notices of allotment are scheduled to be issued to successful applicants on May 4, 2026. MandA Securities Sdn Bhd is serving as the principal adviser, sponsor, underwriter, and placement agent for the IPO, while Eco Asia Capital Advisory Sdn Bhd is functioning as the financial adviser.