PETALING JAYA: Orkim Bhd
, Malaysia’s largest clean petroleum product (CPP) tanker operator, has launched its initial public offering (IPO) at 92 sen a share, seeking to raise RM92mil from the public portion of its Main Market listing.
The listing will also mark a complete exit for Ekuiti Nasional Bhd (Ekuinas).
While it previously held the entire equity of Orkim, Ekuinas will divest 40% stake – or 30% of the enlarged share capital – via the offer-for-sale for RM276mil, with the balance 60% to be transferred to Permodalan Nasional Bhd (PNB) and its unit trust funds.
Of the RM92mil to be raised, RM80mil or 87% will be channelled towards the purchase of vessels as the group embarks on an expansion and modernisation programme.
Orkim plans to acquire two new chemical/petroleum product tankers, each with capacities of up to 9,000 deadweight tonnes (DWT), within 24 months from its listing.
The vessels are estimated to cost RM80mil per unit.
Chief executive officer Cheah Sin Bi said when the group started in 2007, it began as a shipbroking and ship management services operating third-party vessels.
He said Orkim started as a “small company with big dreams.”
“A year later, we acquired our first tanker, Orkim Power, and that became the vessel that carried our aspirations forward,” he said during his welcome address at the group’s prospectus launch.
“From there, we expanded steadily.”
As at the latest practicable date, the group manages a fleet of 18 vessels with a combined capacity of 239,186 DWT, comprising 14 coastal CPP tankers, two MR CPP tankers, and two LPG tankers.
The fleet has an average age of 12 years.
In 2024, the group signed shipbuilding contracts for two new vessels—Orkim Ruby and Orkim Jade—scheduled for delivery in 2027.
Earlier this year, it took delivery of Orkim Citrine, bringing the fleet to its present size.
Orkim is an owner and operator of medium-range (MR) and liquefied petroleum gas (LPG) tankers, serving all major oil companies across Malaysia’s coastal routes.
Its MR and LPG tankers also operate on regional routes spanning Singapore, the Philippines, Brunei, China and South Korea.
Orkim’s vessels operated at utilisation levels of 91.6% in the first half ended June 30, 2025 (1H25) and 92% in the financial year ended Dec 31, 2024 (FY24), supported by long-term charter contracts with oil majors and national energy companies.
According to an IMR report, with just 15 CPP tankers, Orkim commands an estimated 56% share of the domestic market based on 27 Malaysian-registered tankers in 2024.
Another RM1.15mil or 1.2% of the IPO proceeds has been earmarked for working capital, while the remaining RM10.85mil or 11.8% is for listing expenses.
Based on its IPO price of 92 sen a share, Orkim is expected to debut on Dec 9, 2025 with a market capitalisation of RM920mil.
