KUALA LUMPUR (April 5): Oil and gas (O&G) services firm Keyfield International Bhd, which is en route to listing on the Main Market of Bursa Malaysia on April 22, said its initial public offering (IPO) had been oversubscribed by 9.69 times.

In a statement on Friday, Keyfield said it had received a total of 9,339 applicants for 427.7 million new shares with a value of RM384.93 million from the Malaysian public, representing an overall oversubscription rate of 9.69 times.

Of this, 5,067 applications for 172.62 million shares were received for the Bumiputera portion, representing an oversubscription rate of 7.63 times. As for the public portion, a total of 4,272 applications for 255.08 million shares were received, representing an oversubscription rate of 11.75 times.

Meanwhile, the 24 million shares available for eligible persons have also been fully subscribed, it added.

Keyfield further noted that it has fully placed out the 71.77 million issue shares made available by way of private placement to selected investors, as well as the 73.19 million issue shares made available by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).

The IPO is priced at 90 sen apiece and comprises entirely of new shares. It involves a public issue of 208.96 million new shares, representing 26.1% of its enlarged issued share capital.

Keyfield has raised RM188.06 million under the listing exercise. According to its prospectus, the group plans to allocate more than one-third of the proceeds for the settlement of balance purchase consideration for the 500-passenger barge Blooming Wisdom, and another one-third for the redemption of cumulative redeemable non-convertible preference shares in Keyfield.

Meanwhile, it will also allocate 18.6% of the proceeds to settle the balance purchase consideration for the “Helms 1” platform supply vessel. The balance of the proceeds will go towards bank borrowings repayments, working capital and listing expenses.

The notices of allotment will be posted to all successful applicants on April 17.

M&A Securities is the principal adviser, underwriter and joint placement agent while Maybank Investment Bank is also the joint placement agent.