In a statement, Farm Price said it has received a total of 16,647 applications for 2.078 billion shares valued at approximately RM498.66 million for the 22.5 million shares allocated to the Malaysian public.

“For the Bumiputera portion, we received 9,895 applications for 1.031 billion shares, representing an oversubscription rate of 90.61 times.

“As for the public portion, 6,752 applicants submitted requests for 1.047 billion shares, resulting in an oversubscription rate of 92.08 times,” said the Johor-based fresh vegetables wholesaler and distributor.

The 11.250 million shares available for application by eligible directors, employees, and individuals who have contributed to the company’s success have been fully subscribed.

Meanwhile, the private placement of 68.25 million shares and 33 million offer shares made available for application by private placement to selected investors have also been fully placed.

The notices of allotment will be posted to all successful applicants on May 10.

It said Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter, and placement agent for the IPO exercise.