KUALA LUMPUR (Sept 18): Camaroe Bhd saw decent appetite from investors with its public issue of new shares mostly oversubscribed ahead of its listing on the ACE Market.
The company received applications for 402.4 million shares worth about RM56 million from the Malaysian public, which represents an oversubscription rate of 15 times, according to a statement from the issuing house on Thursday.
The notices of allotment will be posted to all successful applicants on Sept 26, with listing scheduled for Oct 2.
The Bumiputera portion was oversubscribed nearly seven times while orders from non-Bumiputera was close to 23 times above the shares available for subscription. Shares set aside for eligible persons were also fully subscribed.
However, a private placement of new shares to approved Bumiputera investors was undersubscribed and had to be reallocated to other investors. A private offering of existing shares, meanwhile, were fully taken up.
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.
The initial public offering (IPO) aims to raise a little over RM20 million, of which RM13.86 million will accrue to Camaroe while the rest will go to managing director Teoh Han Boon and executive director Low Saw Cheng, who put up their existing shares for sale.
At an IPO price of 14 sen per share, Camaroe will have a market capitalisation of about RM69 million upon listing.
M&A Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.