April 22, 2024 -$KEYFIELD (5321.MY)$ surged RM1.03 sen to RM1.93, jumped by 114% from the issue price on Monday.
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Keyfield's IPO consists entirely of new shares, with 40 million shares allocated 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 portion of the proceeds will go towards redeeming its cumulative redeemable non-convertible preference shares (CRNCPS), working capital, repayment of bank borrowings, and estimated listing expenses.
The executive director and group CEO Datuk Darren Kee Chit Huei said that the expected surge in offshore activities, coupled with the limited supply of suitable vessels in the industry, bodes well for local offshore accommodation vessel players like Keyfield. During the IPO stage, the 40 million Keyfield shares made available to the Malaysian public were oversubscribed 9.69 times, indicating strong interest from investors. The 71.8 million and 73.2 million new shares available via private placement to selected investors and Miti-approved Bumiputera investors, respectively, were also fully placed out.
Photo Source: keyfield.investors-centre.com
About the company
Keyfield International Berhad is a Malaysia-based investment holding company that specializes in chartering accommodation vessels and providing related onboard services, catering to the needs of national O&G corporation Petroliam Nasional Bhd (Petronas) and other contractors in the industry. With its fleet of 11 Malaysian-flagged vessels and access to third-party vessels. The company's offshore support vessels are specially designed to perform specific offshore operational activities for the upstream oil and gas industry, making it a valuable player in the sector.
Keyfield International Berhad是一家总部位于马来西亚的投资控股公司,专门租赁住宿船和提供相关的船上服务,以满足国家石油和天然气公司Petroliam Nasional Bhd(国油)和该行业其他承包商的需求。其船队由11艘悬挂马来西亚国旗的船只组成,可使用第三方船只。该公司的海上支援船是专门为上游石油和天然气行业开展特定的海上业务活动而设计的,使其成为该领域的重要参与者。