SBS Nexus' initial public offering for its ACE Market listing on Bursa Malaysia has been oversubscribed by 22.3 times, according to a Friday Malaysian bourse filing.

The IPO, priced at 0.25 ringgit per share, comprised a public issue of 122.5 million new shares to Malaysian public, and an offer for sale of 49 million shares.

The Malaysian public received 5,579 applications for about 570.3 million shares, resulting in an oversubscription rate of 22.28 times, the branding and marketing company said.

The Bumiputera portion drew 3,018 applications for 298.64 million shares, reflecting 23.38 times oversubscription, while the remaining public portion received 2,561 applications for 271.64 million shares, or 21.18 times oversubscription.

Shares reserved for eligible directors, employees, and contributors were fully subscribed, totaling 17.15 million new shares.

Meanwhile, the private placement of 61.25 million new shares to Bumiputera investors, as well as the 19.6 million new shares and 49 million existing shares to selected investors, was fully placed.

The company said notices of allotment will be posted to all successful applicants on Jan. 16.