The food ingredients supplier said the 10.14 million new shares made available to the public at 50 sen apiece received a total of 15,304 applications for 1.134 billion new shares.

“The Bumiputera public portion was oversubscribed by 113.57 times, with a total of 8,594 applications for 580.88 million new shares received,” it said in a statement.

It said that for the non-Bumiputera public portion, a total of 6,710 applications for 757.54 million new shares were received, reflecting an oversubscription rate of 148.42 times.

Meanwhile, the 10.14 million new shares for its eligible directors, employees and persons who have contributed to the success of Agricore have also been fully subscribed.

In addition, it said M&A Securities Sdn Bhd, the adviser, sponsor, underwriter and placement agent for the IPO exercise has confirmed that 31.43 million shares made available for application by way of private placement to Bumiputera investors approved by the investment, trade and industry ministry and selected investors have been fully placed out.

Agricore managing director Oon Boon Khong said with the IPO funds in place, the company is on track to implement its expansion plans and capitalise on the growth opportunities in the food ingredients industry.

“The IPO proceeds are crucial for us, especially to increase the inventory levels to support our business growth.

“Through higher inventory levels, the company will be able to drive its revenue growth by increasing its sales volume to the existing customers as well as securing new customers,” he said in the statement.

Additionally, Oon said with the ongoing growth and expansion of its business, the IPO proceeds will also be used to increase storage capacity by setting up a new regional storage facility in Klang, Selangor, with an approximate built-up area of 30,000 sq ft.

“Currently, Agricore’s plant-based agricultural products are stored at its Bukit Minyak premises prior to delivery to the customers,” he said.

The company said the utilisation rates of the storage space there averaged 91.1% for the financial year ended Dec 31, 2020 (FY2020) to FY2023.

“The setting up of the new regional storage facility is expected to enhance the efficiency of the company’s business operations and product delivery to its customers.

“The new regional storage facility will support its business in the central and southern regions of Peninsular Malaysia,” it said.

Scheduled to be listed on Bursa Malaysia on June 21, 2024, Agricore aims to raise RM25.86 million from its IPO.