KUALA LUMPUR: Keyfield International Bhd aims to raise RM188.1 million from its initial public offering (IPO) as it heads towards listing on the Main Market of Bursa Malaysia on April 22.
The IPO entails a total of 209 million shares in Keyfield, priced at 90 sen per share.
This comprises 40 million shares for the public, 24 million shares for eligible persons, and 144.96 million shares for Bumiputera and select investors through private placement.
Keyfield executive director and group chief executive officer Datuk Darren Kee Chit Huei said Keyfield aims to strengthen its market share through the expansion of its fleet, in addition to broadening its service offerings.
Kee said this includes the chartering of anchor handling tug and supply vessels that can also serve as smaller accommodation vessels to meet the growing demands of the local oil and gas industry.
"We strive to continuously contribute positively to the industry by offering a comprehensive range of quality accommodation vessels and services that conform to industry health, safety, and environmental guidelines," he said.
According to Keyfield, the proceeds of the IPO shall primarily be utilised to redeem Keyfield's cumulative redeemable non-convertible preference shares (CRNCPS), as well as to settle the balance purchase consideration for two vessels, namely Blooming Wisdom and Keyfield Helms 1.
It was said the CRNCPS were previously issued to acquire three vessels, namely Keyfield Compassion, Keyfield Commander, and Keyfield Grace.
"The remaining proceeds shall be utilised for repayment of bank borrowings, working capital, and listing related expenses. Post utilisation of IPO proceeds, Keyfield's pro forma gearing will be 0.1 times," it added.
M&A Securities is the principal adviser, underwriter, and joint placement agent, while Maybank Investment Bank is also the joint placement agent.