The country's biggest mobile phone operator Maxis Communications Bhd's initial public offering (IPO) of more than 652 million shares was oversubscribed 2.4 times, the company said.

Maxis will raise RM3.05 billion from the IPO, with an institutional price of RM4.85 a share and retail price of RM4.36, it said.

Jamaludin Ibrahim, Maxis's chief executive, told a news conference that of the 652 million shares, 420 million were issued to institutional investors and 232 million to retail investors.

"Our IPO is most importantly further evidence that the Malaysian government's corporate and economic reforms are clearly working," he said.

Jamaludin said the institutional portion of the offer comprised 314 million shares for international investors and 106 million for domestic institutions.

The international portion was oversubscribed by 4.0 times, he said. A total of 55 percent of the investors were from Asia, 30 percent from the United Kingdom and Europe and 15 percent from the United States.

The domestic institutional offering was oversubscribed by 2.6 times, with significant allocations given to the Employees Provident Fund and state investment agency Permodalan Nasional Bhd.