Swift Energy Technology Berhad which is seeking an ACE Market listing saw its IPO share oversubscribed by 58 times with 50,040,000 IPO Shares made available a total of 24,041 applications for 2,956,816,000 IPO Shares with a value of RM827,908,480.00 were received.

The company aims  to list on the ACE Market of Bursa Malaysia Securities on the 8 January 2025. It targets to raise gross proceeds of approximately RM70.06 million via the issuance of 250,200,000 new shares at an IPO price of RM0.28 per share.

Based on the company's enlarged share capital of 1,000,800,000 shares at the aforesaid IPO price, the market capitalisation of the company will be approximately RM280.22 million. The shares have also been classified as Shariah compliant by the Shariah Advisory Council of the Securities Commission Malaysia.

M & A Securities Sdn Bhd is the Principal Adviser, Sponsor, Underwriter and Placement Agent for this IPO.

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