Ian Goodyer, of Suffolk Coalition Opposing Free Schools, said the school was still "woefully undersubscribed".

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One recent GEM offering, telecom solutions provider Neolink Cyber Technology, was undersubscribed, forcing co-sponsor China Everbright Securities to take up 55 million unsold shares.

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But Gan Kim Khoon of SocGen-Crosby does not think both offerings will be undersubscribed, so CIMB should not be stuck with excess Bakun shares on its books.

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He was also concerned that the help scheme was undersubscribed.

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There are indications that the specialized repayment programs, designed to make loans cheaper for low earners and those employed by the government or nonprofits, are undersubscribed because of red tape and a lack of publicity.

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