ASM Automation Group said the public portion of its initial public offering (IPO) has been oversubscribed by 2.27 times.

The automation solutions provider received 2,427 applications for 60.8 million issue shares from the Malaysian public, according to a filing on Monday.

This comprised 1,056 applications for 22.4 million shares under the Bumiputera public tranche, representing an oversubscription rate of 1.67 times, and 1,371 applications for 38.4 million shares under the remaining Malaysian public tranche, which was oversubscribed by 2.87 times.

Moreover, all 10.7 million shares allocated under the Pink Form scheme for eligible directors, employees, and contributors were fully subscribed.

The 66.9 million shares earmarked for Bumiputera investors approved by MITI, along with 24.1 million issue shares and 53.5 million offer shares placed with selected investors, were also fully taken up.

The company expects to dispatch the notices of allotment to successful applicants by July 1, it said.