The financial management software company said a total of 35,436 applications for 4.62 billion new shares were received from the Malaysian public under its initial public offering (IPO) of 33 sen per share.

For the Bumiputera portion, a total of 12,808 applications were received for 1.54 billion new shares, representing an oversubscription rate of 111.3 times.

As for the other Malaysian public, 22,628 applications for 3.07 billion new shares were received, representing an oversubscription rate of 222.7 times.

“In addition, the 11.01 million shares made available for application by eligible persons have been fully subscribed.

“Malacca Securities Sdn Bhd, as the principal adviser, sponsor, underwriter, and placement agent has confirmed that the 55.05 million new shares and 44.04 million existing shares that were made available for application by way of private placement have been fully placed out to selected investors,” it said in a statement.

Autocount, which is mainly involved in developing and providing high quality accounting software, is en route for a listing on the Bursa Malaysia ACE Market on May 9, 2023, where it aims to raise RM30.88 million from its IPO.

Mercury Securities had set a target price of 61 sen on Tuesday for the company due to its attractive geographical expansion plans and strong technical capabilities.