KUALA LUMPUR, July 12 — ACE Market-bound Haily Group Bhd said the public portion shares totalling 8.92 million under its initial public offering (IPO) have been oversubscribed by 38.81 times.

A total of 13,367 applications for 355 million new public issue shares valued at RM241.47 million were received from the public, representing an overall oversubscription rate of 38.81 times, the construction company said in a statement today.

"For the Bumiputera portion, a total of 6,185 applications for 138.11 million new shares were received, which represents an oversubscription rate of 29.69 times. For the public portion, a total of 7,182 applications for 216.98 million new shares were received, which represents an oversubscription rate of 48.09 times,” it said.

Meanwhile, a total of 10 million new public issue shares available for application by the eligible directors and employees of the group and persons who have contributed to the success of the group have also been fully subscribed.

Haily executive director See Tin Hai said the group believes that the construction industry will show signs of recovery towards the second half of 2021, bolstered by the country’s ongoing national immunisation programme.

"Thus, we look forward to more developments being revived by property companies which will provide the construction sector with more bidding opportunities, especially in the Johor region where Haily is operating.

"However, before that, let us anticipate another key milestone, which is the official listing of Haily on the ACE Market of Bursa Malaysia Securities on July 21,” he said. — Bernama