Kuala lumpur: Enest Group Bhd's initial public offering (IPO) has been oversubscribed by 1.94 times, ahead of its listing on the ACE Market of Bursa Malaysia. The pure bird's nest supplier reported receiving 2,871 applications for 85.33 million new shares, valued at RM11.12 million, from the Malaysian public.

According to BERNAMA News Agency, for the Bumiputera portion, 1,474 applications were received for 29.8 million new shares, marking an oversubscription rate of 1.05 times. Meanwhile, the public portion saw 1,397 applications for 55.6 million new shares, resulting in an oversubscription rate of 2.83 times.

Enest also announced that the 8.72 million new shares allocated for eligible directors, employees, and contributors to the group's success have been fully subscribed. In addition, 72.66 million new shares available through private placement to Bumiputera investors, approved by the Ministry of Investment, Trade and Industry, have been completely placed out.

Furthermore, the company confirmed that 20.87 million shares, consisting of 5.81 million issue shares and 15.05 million offer shares designated for private placement to selected investors, have been fully placed out.