Gabra Malaysia

Go Hub Capital’s IPO Oversubscribed By 78.71 Times

Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub

Go Hub Capital Berhad (Go Hub), a key transportation information technology (IT) solutions provider in Malaysia which is set to debut on the ACE Market of Bursa Malaysia Securities Berhad on 3 July 2024, is pleased to announce the Company’s share allocation to the Malaysian public from its initial public offering (“IPO”) has been oversubscribed by 78.71 times.

Go Hub’s IPO comprises a public issue of 107,180,000 new ordinary Shares which were made available for the application in the following manner:-

  • 75,180,000 IPO Shares will be allocated by way of private placement to identified institutional and/or selected investors;
  • 20,000,000 IPO Shares are available for application by the Malaysian public through a balloting process; and
  • 12,000,000 IPO Shares have been reserved and set aside for the eligible directors and employees as well as persons who have contributed to the success of the Company (“Eligible Persons”) under the Pink Form Allocations.

The Company received a total of 20,452 applications for 1,594,106,300 IPO Shares worth RM557.94 million from the Malaysian public, representing an oversubscription rate of 78.71 times.

The Bumiputera portion saw 10,835 applications for 656,494,900 IPO Shares, with an oversubscription rate of 64.65 times. The public portion recorded 9,617 applications for 937,611,400 IPO Shares, indicating an oversubscription rate of 92.76 times.

Meanwhile, the total of 12,000,000 IPO Shares available for application by the Eligible Persons were fully subscribed.

Under the private placement to identified institutional and/or selected investors comprising 75.18 million Shares, the Sole Bookrunner has confirmed that the placement portion has been fully covered.

Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub shared,

The exceptional response to our IPO underscores the market’s confidence in Go Hub’s business and future prospects.

This overwhelming investor enthusiasm in the IPO and our Company is a strong testament to our strategic vision. It serves as both validation of our beliefs and a powerful impetus, fortifying our commitment to delivering innovative and pioneering IT solutions for public transportation.

Having established a strong market presence in the rail, bus, terminals and our recent expansion into the ferry sector this year, Go Hub is well-positioned to drive growth and improve the public transportation systems across Malaysia. The positive reception from investors highlights the market’s trust in Go Hub’s capabilities and its dedication to advancing transportation technology.

Mr. David Lim, Chief Executive Officer of UOB Kay Hian Securities (M) Sdn. Bhd., stated,

The enthusiastic response to Go Hub’s IPO highlights investors’ keen interest in businesses with strong fundamentals and strong growth strategies. The company is well positioned to capitalise on the increasing demand and investment in the public transportation sector in Malaysia and potentially this region.

UOB Kay Hian Securities (M) Sdn. Bhd. being the Principal Adviser, Sponsor, Underwriter and Placement Agent in conjunction with the IPO, has confirmed that the 75,180,000 IPO Shares by way of private placement to identified institutional and/or selected investors have been fully placed out.

Leave a Reply

Your email address will not be published. Required fields are marked *