SYNERGY HOUSE’S IPO SHARES OVERSUBSCRIBED BY 14.02 TIMES

KUALA LUMPUR, 22 MAY 2023 – Synergy House Berhad ("Synergy House" or the "Group"), a cross-border e-commerce seller and furniture exporter of ready-to-assemble (“RTA”) home furniture, is pleased to announce that the share allocation to the Malaysian public from the initial public offering (“IPO”) has been oversubscribed by 14.02 times.

Synergy House’s IPO involves the issuance of 130 million ordinary shares (“IPO Shares”) comprising a public issue of 80 million new shares and an offer for sale of 50 million existing shares. The IPO Shares were made available for application in the following manner:

Public issue

Retail offering

•      25.0 million IPO Shares through balloting to the Malaysian public

•      12.5 million IPO Shares to eligible persons

Private placement

•      30.0 million IPO Shares to selected investors

•      12.5 million IPO Shares to Bumiputera investors approved by the Ministry of International Trade and Industry (“MITI”)

Offer for sale

•      50.0 million IPO Shares by way of private placement to Bumiputera investors approved by the MITI

A total of 12,347 applications for 375,416,300 IPO Shares with a value of RM161,429,009 were received from the Malaysian public, representing an overall oversubscription rate of 14.02 times. Of this, a total of 7,277 applications for 164,159,100 IPO Shares were received for the Bumiputera portion, representing an oversubscription rate of 12.13 times. For the remaining Malaysian public portion, a total of 5,070 applications for 211,257,200 IPO Shares were received, representing an oversubscription rate of 15.90 times.

The 12.5 million IPO Shares made available for application by the eligible persons were also fully subscribed.

Executive Director of Synergy House, Mr. Tan Eu Tah said, "We would like to thank investors for their trust in us and the potential of Synergy House. The market demand for home furniture remains robust and we believe the Group is well-positioned to capitalise on the growing global furniture e-commerce market."

Synergy House Berhad will list on the ACE Market of Bursa Malaysia Securities Berhad on 1 June 2023.