Synergy's IPO Oversubscribed - DailyStraits.com

Kuala Lumpur, May 22: Cross-border e-commerce seller and furniture exporter Synergy House Berhad has announced that the share allocation to the Malaysian public from its initial public offering (IPO) has been oversubscribed by an impressive 14.02 times.
This strong response reflects the market’s enthusiasm for the company’s ready-to-assemble home furniture offerings.
The IPO involves the issuance of 130 million ordinary shares, consisting of a public issue of 80 million new shares and an offer for sale of 50 million existing shares.
The shares were made available for application through various channels, including retail offerings, private placements, and a specific allocation for Bumiputera investors.
The public issue segment allocated 25 million IPO shares to the Malaysian public through a balloting process, while an additional 12.5 million IPO shares were made available to eligible persons.
In the private placement category, 30 million IPO shares were offered to selected investors, with an additional 12.5 million IPO shares reserved for Bumiputera investors approved by the Ministry of International Trade and Industry (MITI). Furthermore, the offer for sale included 50 million IPO shares exclusively for private placement to approved Bumiputera investors.
A remarkable total of 12,347 applications were received for 375,416,300 IPO shares, representing a value of RM161,429,009 from the Malaysian public.
This reflects an overall oversubscription rate of 14.02 times.
Within this figure, 7,277 applications were received for the Bumiputera portion, accounting for 164,159,100 IPO shares and an oversubscription rate of 12.13 times.
For the remaining Malaysian public portion, 5,070 applications were received for 211,257,200 IPO shares, resulting in an impressive oversubscription rate of 15.90 times.
Furthermore, the 12.5 million IPO shares reserved for eligible persons were fully subscribed.
Expressing gratitude for the investors’ trust, Synergy House’s Executive Director, Tan Eu Tah, remarked, “We would like to thank investors for their trust in us and the potential of Synergy House. The market demand for home furniture remains robust, and we believe the Group is well-positioned to capitalize on the growing global furniture e-commerce market.”
Synergy House Berhad is scheduled to list on the ACE Market of Bursa Malaysia Securities Berhad on June 1, signaling an exciting new phase for the company as it embarks on its growth journey in the furniture e-commerce sector.