In a filing with Bursa Malaysia today, the cross-border e-commerce seller and furniture design company said it received a total of 12,347 applications for 375.42 million IPO shares valued at RM161.43 million from the Malaysian public.

Synergy is scheduled to be listed on the ACE Market on June 1, at an issue price of 43 sen apiece.

For the Bumiputera portion, Synergy said 7,277 applications for 164.16 million IPO shares were received, representing an oversubscription rate of 12.13 times.

“For the remaining Malaysian public portion, a total of 5,070 applications for 211.26 million IPO shares were received, representing an oversubscription rate of 15.9 times,” it said.

The company said the 12.5 million IPO shares made available for application by the eligible persons had been fully subscribed, while the 30 million IPO shares made available by way of the private placement to selected investors had also been fully placed out.

“The 62.5 million IPO shares made available by way of private placement to Bumiputera investors approved by the investment, trade and industry ministry have been fully placed out,” it added.

Synergy has targeted to raise RM34.4 million from its IPO for the purchase of inventories and forklifts for its e-commerce fulfilment centres in Johor.

It also aims to use the proceeds to repay borrowings, for advertising and promotions, working capital as well as for listing expenses.

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