KUALA LUMPUR (Aug 29): Camaroe Bhd, a prawn farmer and processor, on Friday launched its initial public offering (IPO) at 14 sen per share for its listing on the ACE Market.
The proposed IPO will raise a little over RM20 million, of which RM13.86 million will go to Camaroe for its business and expansion while the rest will go to two selling shareholders who put up their existing shares for sale, according to its prospectus.
Applications for the IPO will close on Sept 12, and listing has been scheduled for Oct 2.
Camaroe, founded in 2009, currently owns 138 ponds across five coastal prawn farms and a processing facility in Kapar, Selangor. The company made a net profit of RM7.75 million for the year ended March 2025 on revenue of RM39.82 million.
The company mainly processes live and frozen black tiger prawns, both head-on shell-on and peeled, to be distributed to local wholesalers as well as international buyers across China, South Korea and Taiwan.
“This IPO will provide the capital necessary to modernise our downstream infrastructure, expand sustainable practices, and strengthen our research and development capabilities in aquaculture,” said Camaroe managing director Teoh Han Boon.
Nearly half of the proceeds from the sale of new shares has been earmarked for the construction of a processing facility in Bukit Raja. The company plans to relocate its existing processing lines in Kapar to the new plant equipped with new machinery and solar panels by the first quarter of 2029.
Camaroe also intends to establish an in-house biotechnology department to conduct laboratory testing and research and development activities. The focus will be on probiotics and supplements to enhance prawn farming efficiency.
The public issue involves 99 million new shares, of which 24.75 million shares are set aside for application by the Malaysian public, 12.38 million shares for eligible persons, and 61.88 million shares for approved Bumiputera investors through private placement.
Meanwhile, proceeds from an offer for sale of 49.5 million existing shares will accrue entirely to Teoh and executive director Low Saw Cheng.
M&A Securities is the principal adviser, sponsor, underwriter, and placement agent for the IPO.