Accra:NWE Resources Group Bhd's initial public offering (IPO) for the Malaysian public was oversubscribed by 2.82 times as the company prepares for its listing on the ACE Market of Bursa Malaysia.

According to BERNAMA News Agency, the company reported receiving a total of 3,068 applications for 103.16 million issue shares from the Malaysian public. Specifically, the Bumiputera portion saw 1,536 applications for 38.93 million issue shares, indicating an oversubscription rate of 1.88 times. The public portion drew 1,532 applications for 64.23 million issue shares, with an oversubscription rate of 3.76 times.

Additionally, NWE Resources stated that 10.8 million issue shares available for eligible persons were fully subscribed. The 105.34 million issue shares offered through private placement to selected investors were also fully placed out. These shares were distributed among 16 identified investors, with none becoming a substantial shareholder as a result of the IPO.