Aztech Global closed its initial public offering (IPO) on March 10 with shares subscribed by 16.5 times.

Aztech’s IPO comprised 68.12 million shares priced at $1.28 each, which was made up of 64.62 million placement shares for institutional and other investors in Singapore and outside the US, and another 3.5 million public offer shares in Singapore. The IPO shares are subject to an over-allotment option.

For its public offer shares, Aztech received 4,143 applications totalling 64.42 million shares and $82.5 million in monies for the 3.5 million shares available, translating to the public offer being 18.4 times subscribed.

For its placement shares, Aztech received interest totalling 1.06 billion shares for the 64.62 million placement shares available, translating to the placement being 16.4 times subscribed.

Overall, based on the total available shares from both tranches, the IPO was 16.5 times subscribed.

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In addition to the placement and offer shares, 18 cornerstone investors subscribed for and purchased 163.88 million cornerstone shares.

Upon completion of the IPO, Aztech's total number of issued and outstanding shares will be 773.72 million shares with a market capitalisation of $990.4 million. The listing and trading of Aztech’s shares is expected to commence on March 12.

The IPO is expected to raise gross proceeds of $297 million (assuming that the over-allotment option is not exercised), of which $188.6 million will be due to Aztech.

Michael Mun, executive chairman and CEO of the company, says the company is heartened by the robust demand and support from investors.

“The subscription and application results are testament to Aztech’s strong investment proposition and a strong vote of confidence for our group’s growth plans and proven track record in innovating and introducing products aligned to the evolving electronics industry,” he says.