RNG Tech's initial public offering was oversubscribed by 7.8 times ahead of its ACE Market listing, reflecting strong demand from retail investors, according to a Friday Malaysian bourse filing.

The engineering support services provider received 7,321 applications for 345.6 million shares worth 44.9 million ringgit, with 39.4 million shares allocated to the Malaysian public.

The Bumiputera and public portions were oversubscribed by 5.24 times and 10.31 times, respectively.

Meanwhile, shares allocated to eligible directors and employees, Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), and selected investors under private placements were fully subscribed, the company said.