Keyfield soars to RM1.70/share on Main Market debut

From left: Keyfield International independent non-executive director Chia Chee Hoong, independent non-executive director Lim Chee Hwa, independent non-executive director Julannar Abdul Kadir, executive director and group chief operating officer Mohd Erwan Ahmad, executive director and group CEO Datuk Darren Kee Chit Huei, independent non-executive chairperson Haida Shenny Hazri, Bursa Malaysia Bhd CEO Datuk Muhamad Umar Swift, M&A Equity Holdings Bhd managing director Datuk Bill Tan, Maybank Investment Banking Group CEO Michael Oh-Lau and M&A Securities Sdn Bhd head of corporate finance Gary Ting

KUALA LUMPUR: Keyfield International Bhd made its debut on the Main Market of Bursa Malaysia at RM1.70 a share, an 89% premium over its initial public offering (IPO) price of 90 sen a share.

The stocks saw 18.66 million shares changing hands at the opening bell.

"The opening price validates the over-subscription of our shares, demonstrating the investing public’s confidence in Keyfield and the offshore support vessels industry, particularly for Accommodation Work Boats.

"The funds raised will be used to pare down borrowings as we take a step forward into a new chapter towards future growth opportunities,” said executive director and group CEO Datuk Darren Kee Chit Huei in a statement.

He added 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.

"With our fleet of 11 Malaysian-flagged vessels and access to third party vessels, Keyfield is well-positioned to support the local oil and gas industry.”

During the IPO stage, the 40 million Keyfield shares made available to the Malayisan public were oversubscribed 9.69 times while the 71.8 million and 73.2 million new shares available via private placement to selected investors and Miti-approved Bumiputera investors, respectively, were fully placed out.

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Keyfield , IPO , listing , Main Market , debut


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