Smartflex Holdings, the provider of integrated circuit (IC) module assembly and testing services for contact and dual interface smart cards, says its IPO was 3.2 times oversubscribed.

This is based on the total invitation size of 13 million new shares and the total valid applications of the 54.32 million new shares (comprising 42.82 million offer shares and 11.5 million placement shares).

The invitation of 13 million new shares in Smartflex comprised 1.5 million new shares for public subscription and 11.5 million new shares allocated for placement.

At the close of the invitation, applications were received for 42.82 million offer shares, with application monies received amounting to $9.4 million.

Out of the $1.76 million in net proceeds raised from the IPO, the company plans to use $1.5 million to upgrade process capabilities by acquiring machinery to meet rising demand. The remaining proceeds will be used for general working capital requirements.

Trading of Smartflex’s shares on Catalist is expected to commence on July 19.

CIMB Bank Berhad, Singapore Branch is the company’s sponsor while CIMB Securities (Singapore) Pte. Ltd. is the underwriter and placement Agent of the invitation.