The industrial hardware products and stainless-steel pipes and metal products manufacturer said it had received 4,304 applications for 148.78 million shares with a value of RM81.83 million from the Malaysian public, representing an overall oversubscription rate of 8.62 times.

“For the Bumiputera portion, a total of 2,329 applications for 67.69 million shares were received, representing an oversubscription rate of 7.75 times.

“Under the other Malaysian public portion, a total of 1,975 applications for 81.09 million shares were received, which represents an oversubscription rate of 9.49 times,” it said in a filing with Bursa Malaysia today.

TSA said the 15.46 million shares made available for application by the eligible persons have been fully subscribed.

On private placement, the group said the 7.73 million shares made available to selected investors and the 38.66 million shares made available to identified Bumiputera investors approved by the investment, trade and industry ministry (MITI) had been fully placed out.

During the launch of the prospectus on Dec 27, 2023, TSA priced its shares at 55 sen a piece and aimed to raise RM42.53 million from its IPO, of which RM20 million (47%) would be used for repayment of bank borrowings, RM12.33 million (29%) for working capital, RM5.1 million (12%) as capital expenditure to establish a manufacturing plant in Semenyih, and the remaining RM5.1 million for listing expenses.