KUALA LUMPUR: Bus company Perak Transit Bhd’s initial public offering (IPO) under the public portion has been oversubscribed by 19.83 times.

A total of 10,346 applications for 1.21 billion new shares worth RM181.22mil were received from the Malaysian public for the 58 million new shares made available for public subscription. 

Of the 58 million shares, 29 million shares has been allocated for bumiputra public investors, while another 29 million shares has been made available to public investors.

“For the bumiputra portion, a total of 6,306 applications for 663.82 million new shares were received, which represents an oversubscription rate of 21.89 times.

“For the public portion, a total of 4,040 applications for 544.34 million new shares were received, which represents an oversubscription rate of 17.77 times,” said Perak Transit in a statement. - Bernama