OB Holdings Berhad has generated positive investor interests for its initial public offering with an oversubscription of its shares by 109.47 times ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad.

The Group's IPO entails a public issue of 120.00 million new ordinary shares at an issue price of RM0.24 per share. This accounts for 30.64% of the enlarged issued share capital, with RM28.80 million expected to be raised from the public issue

OB Holdings Group has received 22,753 applicants for a total of 2,163.19 million Issue Shares, valued at approximately RM519.16 million for the 19.58 million Issue Shares allocated to the entire Malaysian public, representing an overall oversubscription rate of 109.47 times.

The group said a significant portion of the proceeds, amounting to 72.22%, will be allocated for business expansion initiatives.

OB Holdings Group is scheduled to be listed on the ACE Market of Bursa Securities on Tuesday, 29 October 2024. Upon listing, the Group will have a market capitalisation of approximately RM93.99 million based on an issue price of RM0.24 per share and the enlarged issued share capital of 391.63 million Shares.

Alliance Islamic Bank is the Principal Adviser, Sponsor, Sole Underwriter and Placement Agent for the IPO exercise