The placement tranche of 22 million shares, meanwhile, was 1.8 times covered.
Oiltek, which describes itself as an integrated process technology and renewable energy solutions provider, is a spin off from Koh Brothers Eco Engineering.
The IPO is offered at 23 cents each, raising the company gross proceeds of around $5 million.
Executive director and CEO Henry Yong Khai Weng calls the positive demand from both retail and institutional investors a clear signal of their confidence in Oiltek’s business model and growth potential.
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“This is the beginning of our new corporate journey. With an acceleration of global trends shifting towards sustainability, we are incredibly excited about the opportunity to create value for all stakeholders by capitalising on the rising growth of the renewable energy sector,” he adds.
SAC Capital Private Limited is the sponsor, issue manager, underwriter and placement agent.
Trading will begin at 9am on March 3.
