Kuala lumpur: Engineering services firm Sum Technology Bhd's initial public offering (IPO) has been oversubscribed by 110.54 times ahead of its listing on the ACE Market of Bursa Malaysia on June 18, 2026.

According to BERNAMA News Agency, the IPO involved the issuance of 117 million new ordinary shares. This comprised 22.5 million shares made available for application by the Malaysian public and 4.5 million shares made available for the group's eligible employees. It also included 56.25 million shares made available via private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), as well as 33.75 million shares via private placement to selected investors.

Sum Technology reported receiving 19,834 applications from the Malaysian public for 2.51 billion IPO shares valued at RM702.7 million. For the Bumiputera portion, 8,873 applications were received for 820.61 million new shares, resulting in an oversubscription rate of 71.94 times. For the public portion, 10,961 applications were received for 1.69 billion new shares, translating into an oversubscription rate of 149.14 times.

The company stated that the 4.5 million shares made available for application by eligible employees were fully subscribed. The 56.25 million shares allocated to Bumiputera investors approved by the MITI were also fully subscribed. Additionally, the 33.75 million shares allocated to selected investors via private placement were fully subscribed.

Sum Technology added that the notices of allotment will be posted to all successful applicants on June 15, 2026. The IPO, priced at 28 sen per share, is expected to raise RM32.76 million. Malacca Securities is the IPO's principal adviser, sponsor, and placement agent.