Kee Ming Group's initial public offering (IPO) of 82.88 million shares on the ACE Market of Bursa Malaysia was oversubscribed 54.16 times, according to a Wednesday Malaysian bourse filing.

The IPO comprised a public issue of 66.6 million new shares, and an offer for sale of 16.3 million existing shares at 0.38 ringgit per share.

The IPO, priced at RM0.38 per share, received 9,573 applications from the Malaysian public for 896.38 million shares, the mechanical and engineering services provider said.

The Bumiputera portion drew 4,540 applications for 228.3 million shares, representing 27.10 times oversubscription, while the remaining public portion received 5,033 applications for 668 million shares, or 81.22 times oversubscription.

Shares reserved for eligible directors, employees, and contributors, totaling 8.1 million shares, were fully subscribed.

Meanwhile, private placements to selected Bumiputera investors approved by MITI, and to selected investors, were also fully allocated, it said.

The company will send the notices of allotment to successful applicants by Feb. 10, it said.