The Perth-based company in February launched an IPO offering 30 million shares at 20c each, saying the funds would be used to assess its portfolio of 14 geothermal licences, covering three separate areas, in South Australia.

Torrens today said due to “overwhelming” investor interest, the offer was heavily oversubscribed.

“Torrens’ successful IPO reflects strong interest in the company and the public’s appetite for investment in the alternative energy sector,” said lead manager to the raising Cygnet Capital director Darien Jagger.

“This sentiment has been fuelled by recent unprecedented press and a groundswell of public support for a technology that may provide some welcome relief to Australia’s high level of carbon contributions.”

Torrens said it had already completed work that has confirmed the prospectivity of its licence areas, while drillhole temperature data and rock thermal property measurements have also been completed and independently verified.

It is scheduled to list on the ASX before the end of this month.