Glorious Sun Enterprises' initial public offering likely will be oversubscribed 200 times, brokers say. The deadline for applications was noon yesterday, and with 80 per cent of the count completed 180 applications had been processed for each of the 125 million new shares on public offer. A final oversubscription of 200 times was judged to be probable, surpassing this year's previous high of 157 times by conglomerate Shanghai Industrial Holdings in May. A spokesman for lead manager HSBC Investment Bank Asia said the final figures would be released at 6pm today, after the applications had been checked. Analysts said the success of the public offer was due to the resurgence in the stock market and the sound fundamentals of the garment manufacturing company. Seapower Securities research manager Sunny Chan said: 'The company has one of the best fundamentals among manufacturing retailers. It has its own network rather than a franchise network and that is an advantage.' Glorious Sun, which runs retail stores in China and Australia, has also gained from the enthusiasm for China plays. Brokers said another attraction for investors was that money pledged to buy shares would only be tied up for three days, rather than the customary five or six days. A broker said: 'Three days is very attractive. Even if you subscribe with borrowed money, you do not have to pay that much interest.' The grey market is said to be trading Glorious Sun shares at about $2, above the $1.60 subscription price, meaning those investors who are allotted shares should get a handsome profit. The fervour for the issue spilled over into the broader market yesterday with a number of other retail stocks being boosted by news of the heavy oversubscription.