KUALA LUMPUR (April 22): Keyfield International Bhd's share price opened at RM1.70 on Monday on its debut on the Main Market of Bursa Malaysia, an 80 sen or 88.88% premium over its initial price offering (IPO) price of 90 sen.

The oil and gas (O&G) services firm's opening volume was 18.66 million shares.  

Keyfield mainly charters accommodation vessels and provides related onboard services such as accommodation, catering, housekeeping, laundry and medical support services to national O&G corporation Petroliam Nasional Bhd (Petronas) and other contractors in the industry.

Keyfield’s IPO consists entirely of new shares, according to its prospectus. The company allocated 40 million shares to the public, 24 million shares to eligible persons, and 144.96 million shares to Bumiputera and selected investors through private placement.

The company has raised RM188.1 million from its IPO via the issuance of 208.96 million new shares at 90 sen a share.

The bulk of the proceeds will be used to settle the balance purchase consideration for two vessels, namely Blooming Wisdom (34.6%) and Helms 1 (18.6%).

Another 32.7% of the proceeds shall go towards redeeming its cumulative redeemable non-convertible preference shares (CRNCPS), while 7.7% will be for working capital, 1.6% for repayment of bank borrowings, and the remaining 4.8% for estimated listing expenses.

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