Reach Ten's (KLSE:REACHTEN) initial public offering (IPO) shares were oversubscribed by 1.85 times, ahead of its Main Market listing.

The crude oil exploration company received 2,706 applications for 142.7 million shares, worth 74.2 million ringgit from the Malaysian public.

For the Bumiputera portion, the company received 945 applications for 52.8 million shares, showing an oversubscription rate of 1.11 times.

For the public portion, a total of 1,761 applications for 89.9 million shares were received, reflecting an oversubscription rate of 2.59 times. Meanwhile, 25,000,000 Issue Shares made available for application by the eligible directors, employees have also been fully subscribed.

The Placement Agent confirmed the full placement of 125 million new shares to Bumiputera investors approved by MITI and 100 million existing shares to selected investors, the filing said.