KUALA LUMPUR: Interior fitting-out specialist Signature Alliance Group Bhd’s (SAG) has received a 1.12 times subscription rate for the public portion of its initial public offering (IPO).

SAG said it received a total of 1,233 applications seeking 56.07 million new shares valued at RM34.76 million.

"The bumiputera public portion was subscribed 1.12 times, with a total of 327 applications received for 28 million new shares.

"For the non-bumiputera public portion, a total of 906 applications for 28.1 million new shares were received, representing a subscription rate of 1.12 times,” it said in a statement.

Meanwhile, it said 30 million new shares made available for eligible directors, employees, and persons who have contributed to its success, and 20 million new shares for entitled shareholders of Signature International Bhd under the restricted offering have also been fully subscribed.

"In addition, 160 million shares made available for application by way of private placement to bumiputera investors approved by the Ministry of Investment, Trade and Industry and selected investors have been fully placed out,” it said.

SAG executive director and group chief executive officer Darren Chang said the IPO proceeds will enable the group to further accelerate its plan to establish a new corporate office and production facility in Selangor while increasing automation and strengthening its project delivery capabilities.

Upon listing on the ACE Market of Bursa Malaysia on June 5, SAG would have a total market capitalisation of RM620.0 million based on an issue price of 62 sen per share and an enlarged share capital of 1.0 billion shares. - Bernama