XMH Holdings, the diesel engine, propulsion and power generating solutions provider in the marine and industrial sectors, says its public offer was 157.5 times oversubscribed as of 12 noon yesterday.

About 3,385 valid applications applying for a total of 237,788,000 offer shares were received for the 1.5 million offer shares made available to the public for subscription at 25 cents each. In addition, 100,950,000 invitation shares were also placed out to privately to investors.

Application money received amounted to $59.4 million.

A total of $25.2 million in gross proceeds was raised from the IPO.

Of the net proceeds of $18.9 million, XMH intends to use $10 million for the development or acquisition of premises for general warehousing and work areas and the establishment of an assembly line for the group’s in-house brand of power generating sets; and $7 million to pursue expansion opportunities.

United Overseas Bank is the manager, underwriter and placement agent for XMH’s IPO.

Listing and trading of XMH Holdings’ shares are expected to commence at 9 am tomorrow.