OFS to Launch: Predict Opening Day Price Fluctuations
July 4, 2024, $OFB (0312.MY)$ made an impressive market debut with its shares skyrocketing by 200.00% from an issue price of RM0.28 to RM0.84 on its first day of trading.
The Company received a total of 16,177 applications for 811,549,800 IPO Shares were received from the Malaysian Public for the 10,510,000 IPO Shares (“Balloting Shares”) made available for application by the Malaysia Public, which represents an overall oversubscription rate of 76.22 times.
The funds raised from the IPO will be directed towards capital expenditures for new cold storage equipment, operational capital needs, and the estimated costs associated with the listing.
Ocean Fresh Berhad, founded in the early 2000s, is a renowned frozen seafood processor and trader. The company operates from its main processing facilities equipped with state-of-the-art equipment, including semi-contact blast freezers and cold rooms, to handle significant production volumes. Offering a variety of products made from locally sourced wild-caught seafood, Ocean Fresh Berhad markets its offerings under the "Sea Planet" brand, as well as through private labels and unbranded lines, catering to a diverse customer base.
Source: Announcement
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