ACE Market-bound Autocount’s IPO oversubscribed by 167 times

Autocount Dotcom Bhd aims to raise RM30.88 million from its initial public offering on Bursa Malaysia’s ACE Market on May 9, 2023.

The financial management software company said a total of 35,436 applications for 4.62 billion new shares were received from the Malaysian public under its initial public offering of 33 sen per share. As for the other Malaysian public, 22,628 applications for 3.07 billion new shares were received, representing an oversubscription rate of 222.7 times.

“Malacca Securities Sdn Bhd, as the principal adviser, sponsor, underwriter, and placement agent has confirmed that the 55.05 million new shares and 44.04 million existing shares that were made available for application by way of private placement have been fully placed out to selected investors,” it said in a statement.

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