BMS' (KLSE:BMS) initial public offering for its ACE Market listing on Bursa Malaysia has been oversubscribed by 2.4 times, according to a Wednesday filing.

The precision engineering company offered 77 million new shares to the Malaysian public under the IPO exercise. It received 4,470 applications for about 185.1 million shares.

Under the Bumiputera public portion, 1,947 applications were received for approximately 45.7 million shares, reflecting an oversubscription rate of 1.19 times. Meanwhile, the remaining public portion received 2,523 applications for roughly 139.3 million shares, translating to an oversubscription rate of 3.62 times.

All 61.6 million shares reserved for eligible directors, employees and persons who have contributed to the group were fully subscribed.

The joint placement agents also confirmed that 188.9 million shares offered to selected investors under private placement were fully taken up.

Additionally, a total of 192.5 million IPO shares allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry were fully placed out following clawback and reallocation provisions stated in the IPO prospectus dated Nov. 13.

Notices of allotment will be issued to successful applicants in due course.