PSP Energy's initial public offering for its ACE Market listing on Bursa Malaysia has been oversubscribed, according to a Tuesday Malaysian bourse filing.

The company offered over 53.4 million new shares to the Malaysian public under its IPO, priced at 0.16 ringgit per share. The company received 6,670 applications for about 367 million shares, representing an oversubscription rate of 5.87 times.

Under the Bumiputera portion, 3,241 applications were received for about 112.6 million shares, reflecting an oversubscription rate of 3.21 times. Meanwhile, the remaining public portion received 3,429 applications for roughly 254.5 million shares, translating to an oversubscription rate of 8.52 times.

All 48.1 million shares reserved for eligible directors, employees and contributors to the group were fully subscribed.

The joint placement agents also confirmed that 53.4 million shares offered to selected investors under private placement have been fully taken up.

Additionally, both the 58.8 million shares and the 74.8 million offer-for-sale shares allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry were fully placed after applying clawback and reallocation provisions detailed in the IPO prospectus dated Nov. 11.

Notices of allotment or share transfer will be issued to successful applicants on Dec. 2.