The integrated circuit (IC) design services and turnkey solutions provider said of the 31.81 million IPO shares made available to the public, it had received 39,103 applications for 2.48 billion shares with a value of RM1.56 billion.

“Under the Bumiputera category, a total of 17,257 applications for 749.26 million IPO shares were received, which represents an oversubscription rate of 46.11 times.

“Under the other public category, a total of 21,846 applications for 1.73 billion IPO shares were received, which represents an oversubscription rate of 108.00 times,” it said in a statement, adding that the 22.27 million shares made available for application by eligible persons had also been fully subscribed.

Oppstar said the 31.88 million shares made available by way of the private placement to selected investors have been fully placed out.

“The notices of allotment will be mailed to all successful applicants by March 15,” it added.

Oppstar’s IPO comprises a public issue of 165.48 million new shares. At an issue price of 63 sen per share, it aims to raise RM104.25 million.

It plans to use RM50 million of the proceeds for the expansion of its workforce; RM25 million for the establishment of new offices; RM12 million for research and development expenditure and RM12.65 million for working capital.

Affin Hwang Investment Bank Bhd is the principal adviser, sponsor, sole placement agent, and sole underwriter for the IPO exercise.