KUALA LUMPUR, Malaysia (July 2): Ramssol Group Bhd, a Malaysian provider of human capital management (HCM) solutions and technology, said its initial public offering (IPO) shares were 102.88 times oversubscribed. The company, which plans to list on the ACE Market of Bursa Malaysia on July 13, said it received 19,564 applications for 1.16 billion shares out of 11.2 million available.
According to a Bursa Malaysia filing, the Bumiputera portion was 70.39 times oversubscribed, with 7,561 applications for 399.78 million shares received.
Meanwhile, 12,003 applications totaling 763.65 million shares for the remaining public portion were received, representing a 135.37-fold oversubscription rate.
Meanwhile, Ramssol announced that the 5.6 million shares made available to eligible individuals had been fully subscribed.
It also stated that the public issue’s 61.26 million shares have been fully placed with selected investors through a private placement.
Ramssol has stated that it plans to raise RM25.1 million from its initial public offering to help fund its regional business expansion, with RM2.5 million going to the Philippines.
Cllement Tan, Ramssol’s CEO, said the company has found a co-working space in Manila and that the company’s main focus will be on providing HCM and student management solutions, as well as HCM technology applications.
Total assets were RM19.8 million, total liabilities were RM13 million, gearing was 0.56 times, and operating cash flow was RM1.71 million as of FY20.
The primary advisor, sponsor, underwriter, and placement agent for Ramssol’s IPO is Kenanga Investment Bank Bhd./n
