Ocean Fresh’s IPO oversubscribed 76.22 times

KUALA LUMPUR: ACE Market-bound frozen seafood company, Ocean Fresh Bhd’s initial public offering (IPO) has been oversubscribed by 76.22 times.

The group’s IPO exercise consists of issuing 50.05 million new ordinary shares at an issue price of 28 sen per share. It is expected to be listed on July 4, 2024 on Bursa Malaysia.

“A total of 16,177 applications for 811.54 million new shares were received from the Malaysian public, representing an overall oversubscription rate of 76.22 times,” it said in a statement.

The Bumiputera public portion of shares was oversubscribed 65.68 times, with 8,654 applications for 350.39 million new shares received.

Meanwhile, 7,523 applications for 461.15 million new shares were received under the other Malaysian public portion, representing an oversubscription rate of 86.75 times.

The eligible directors and employees have fully subscribed to the 1.71 million new shares for application.

KAF Investment Bank Bhd, as the principal adviser, sponsor, underwriter and placement agent has confirmed that the 38.73 million new shares have been fully placed out