Singapore-based mineral resources company AsiaPhos announced on Oct 4 that its initial public offering (IPO) of 122 million shares at 25 cents each was about 3.8 times subscribed.

At the close of the IPO, the firm said it had received 2,410 valid applications for the two million offer shares that were available to the public for subscription.

These applicants applied for 345.3 million offer shares, totalling to about $86.3 million.

The IPO also included 120 million placement shares which were fully taken up and amounted to $30 million.