West River's IPO oversubscribed by 1.25 times ahead of ACE Market listing
The company offered 17.89 million new shares to the Malaysian public at 39 sen per share, attracting 1,288 applications for 22.45 million shares worth RM8.76 million.
The Bumiputera portion saw 548 applications for 5.04 million shares, while the public portion recorded an oversubscription rate of 0.95 times.
The IPO also included 8.94 million shares for eligible persons and 44.71 million shares placed out to Bumiputera investors approved by the Ministry of Investment, Trade and Industry – both fully subscribed.
An offer for sale of 35.77 million existing shares by selling shareholder Neutron Capital Sdn Bhd was also fully taken up.
West River aims to raise RM27.9 million from the listing to fund land acquisition, the construction of a new factory to triple production capacity, as well as business development, debt repayment, and working capital.
M&A Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter, and placement agent for the IPO. — TMR
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
23 minutes ago
- The Star
FBM KLCI rises on Wall St rebound
KUALA LUMPUR: The momentum of Wall Street's rebound spilled over on to the global equities at Tuesday's open, giving the sluggish domestic market some upward lift. At 9am, the benchmark FBM KLCI was up 1.65 points to 1,540.64, still tightly wound around a consolidation channel as investors awaited fresh catalysts. According to TA Securities, the overnight rally on Wall Street should cushion the lack-luster local market today, but the undertone remains cautious as investors refrain from trading commitments in the absence of market direction. "Immediate index support remains at 1,490, with stronger support found at 1,465 followed by 1,444. Immediate resistance stays at 1,564 with next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead," it said in a commentary. Malacca Securities said it favoured the technology sector as the OPR cut and anticipated Federal Reserve rate easing are expected to lower borrowing costs for technology companies. "Malaysian tech players remain exempted from US tariffs, with our top picks including Frontken, Vitrox and EG," it said in a note. It added that Sunlogy's rally yesterday may spur spillover interest in other solar-related counters, supported by positive developments in the renewable energy space, including NETR and the 13MP. Lastly, the research firm said investors may shift their attention to REITs for domestic-focused exposure. On the market today, Maybank rose nine sen to RM9.63 and Hong Leong Bank jumped eight sen to RM18.98. Kelington jumped 17 sen to RM4.37 on reports the company is in talks with a client for a semiconductor hook-up project at a wafer fabrication plant in Dresden, Germany, potentially worth up to EUR50mil. Meanwhile, Inari Amertron rose two sen to RM3.01. Of actives, NexG dropped 0.5 sen to 53 sen, Pharmaniaga gained 0.5 sen to 18.5 sen and Top Glove fell 0.5 sen to 65 sen.
The Star
an hour ago
- The Star
Ramssol posts higher 2Q earnings
PETALING JAYA: Ramssol Group Bhd expects recurring revenue from professional information technology services to grow in tandem with the expansion of its project-based revenue. In a filing with Bursa Malaysia, the company said it is well-positioned to capitalise on the growth of the digital industry as it continues to evolve. It added that it will focus on key areas of the digital industry value chain, potentially benefitting from newly secured projects in the local and Asian markets. For the second quarter ended June 30, 2025, Ramssol's net profit increased to RM5.72mil from RM4.35mil a year ago, mainly due to projects with higher profit margins and the distributorship of human capital management licences. Qaurterly revenue grew to RM24.93mil from RM17.31mil a year earlier. For the six-month period, net profit surged to RM11.56mil from RM8.53mil, while revenue improved to RM43.05mil. Trading ideas: Bumi Armada, Zetrix, Kelington, Kim Hin, Hibiscus, Johor Plantations, Ajiya, Tex Cycle, Pekat, Kimlun, Jiankun, Rimbunan Sawit, Ramssol
The Star
an hour ago
- The Star
Slimmer advantage for local glove makers
PETALING JAYA: Analysts are maintaining their stance on the glove sector despite the finalisation of a 19% tariff on Malaysian glove imports by the United States. In a report to clients, CIMB Research said it was maintaining its 'neutral' stance on the rubber-glove sector, owing to ongoing headwinds, including persistently sluggish demand recovery due to cautious purchasing patterns, elevated costs stemming from the recent rise in Malaysia's sales and service tax and the minimum wage, and weak average selling prices (ASPs) in an oversupplied market. CIMB Research said that while Malaysia no longer holds a rate advantage over Thailand, Indonesia or Cambodia, the 19% tariff is still lower than Vietnam's 20% and China's 30%, offering marginal competitiveness in the US market. 'We expect some incremental shift in US glove orders to Malaysia, but higher tariffs will still increase cost base for US buyers, which may limit restocking or lead to leaner inventories,' the research house said. Meanwhile, Chinese and Vietnamese glove makers are likely to redirect supply to non-US markets at more competitive prices, intensifying global pricing pressure, it added. Maybank Investment Bank Research also said it was maintaining its 'negative' stance with no change to earnings forecasts for now. 'We believe upcoming results could be weak mainly due to the weakening US dollar versus the ringgit,' the research house said.
