KUALA LUMPUR: Haily Group Bhd’s upcoming initial public offering (IPO) has been oversubscribed by 38.81 times.

       “A total of 13,367 applications for about 355.1 million new public issue shares with a value of RM241.47mil were received from the Malaysian public,” the group, which is mainly involved in the construction of residential and non-residential buildings, said in a statement.

       The bumiputra portion saw a total of 6,185 applications for 138.11 million new shares being received with an oversubscription rate of 29.69 times.

       Meanwhile, for the public portion, it received 7,182 applications for 216.99 million new shares, representing an oversubscription rate of 48.09 times.

       The other portion of 10 million new public issue shares available for application by the eligible directors and employees of the group and persons who have contributed to its success have also been fully subscribed, Haily said.