Pioneer Heat's (KLSE:PIONEER) initial public offering drew an overall oversubscription rate of 47.8x, according to a Tuesday filing with Bursa Malaysia.
The company received 9,512 applications for 846.5 million shares worth 211.6 million ringgit under the balloting tranche. Meanwhile, the industrial services group will place 76.29 million shares with 19 investors, while 10.4 million shares made available for eligible persons were fully subscribed.
The company is scheduled to list on the ACE Market of Bursa Malaysia on Sept. 17.
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