PETALING JAYA: Solid liquid filtration solutions provider Pan Merchant Bhd will proceed with its initial public offering (IPO) and ACE Market debut on June 26, 2025, following cautious market reception and moderate subscription levels.

In a statement, the group said it had received a total of 1,107 applications for 16.9 million shares, with a total value of RM4.6mil, versus the 45.8 million shares that were made available for application by the Malaysian public.

“The unsubscribed portion of 28.9 million shares will be fully underwritten by Affin Hwang Investment Bank Bhd.”

Pan Merchant said the placement portion of the IPO’s public issue shares has been fully taken up.

“This includes 57.3 million new ordinary shares allocated to selected investors and 114.5 million new ordinary shares allocated to bumiputra investors approved by the Investment, Trade and Industry Ministry.”