APS Bank plc closed its Initial Public Offering of shares six hours after it opened on Friday.

The bank said the decision to close applications a fortnight early was based on evidence of an overwhelming response from interested investors indicated by the Authorised Financial Intermediaries.

Applications received by 3pm on Friday which were supported by cleared funds will be processed.

Work to clear all applications will continue over the weekend, and in the coming days, the bank will announce the allocation policy.

Other events in the IPO timetable, refunds of unallocated monies, the listing date, and the first day of trading on the Malta Stock Exchange are all expected to be brought forward to not later than the week starting on June 20.

In a live stream announcement, APS Bank CEO Marcel Cassar acknowledged how the resulting outcome was astonishing in the context of the prevailing, challenging investment conditions.

He showed appreciation towards all subscribers, whatever the size of their application, the bank's shareholders, board of directors and bank colleagues, who worked hard and meticulously to deliver the IPO successfully.

"We set out to raise up to €66 million of new equity capital - already one of the biggest ever issues in the history of Malta's capital market - but we saw this mushroom to above €100 million, as the exact figures are still being finalised. Once again, thank you for this massive vote of confidence," he added.