KUALA LUMPUR (Dec 1): Orkim Bhd’s retail offering of its initial public offering (IPO) has been oversubscribed by 11.84 times.
Orkim’s IPO comprises a public issue of 100 million new shares and an offer for sale of up to 300 million existing shares for listing on the Main Market of Bursa Malaysia at 92 sen a piece.
In a statement on Monday, the company said a total of 6,767 public applications were received for 256.8 million shares, for the 20 million shares offered to retail shareholders, accounting for the oversubscription rate.
The Bumiputera portion saw 3,430 applications for 120.1 million shares, an oversubscription of 11.01 times, while the non-Bumiputera portion saw 3,337 applications for 136.7 million shares, representing a 12.67 times oversubscription rate.
Eight million shares for eligible persons were fully subscribed.
Orkim is raising RM92 million to expand its fleet of vessels through the IPO.
CIMB Investment Bank Bhd is the principal adviser, joint bookrunner, managing underwriter and joint underwriter for the IPO. RHB Investment Bank Bhd serves as joint bookrunner and joint underwriter, while Affin Hwang Investment Bank Bhd acts as a joint underwriter.