Kuala lumpur: Orkim Bhd, a marine transportation company, aims to raise RM92 million from its initial public offering (IPO) ahead of its listing on the Main Market of Bursa Malaysia Securities Bhd on December 9, 2025. Its chairman, Datuk Abdul Hamid Sh Mohamed, stated that the group plans to allocate RM80 million from the total proceeds towards purchasing new vessels as part of its fleet expansion and rejuvenation strategy.
According to BERNAMA News Agency, RM1.15 million will be directed towards working capital to purchase bunker fuel and cover vessel maintenance costs, supporting Orkim's daily operations. The remaining RM10.85 million will address the IPO and listing-related expenses, as announced at the group's prospectus launch.
Orkim's executive director and chief executive officer, Cheah Sin Bi, highlighted that the company has already embarked on fleet expansion, with the recent delivery of a new vessel and plans to acquire two more vessels next year. "We started with Orkim Citrine this year, and we took acquisition and delivery around about three weeks ago. She is now performing her third voyage with Petronas and Pertamina," Cheah explained. He added that the IPO proceeds would fund the acquisitions planned for next year, supplemented by internal funds and possibly a sukuk fund.
Cheah also confirmed the construction of two additional vessels, Orkim Jade and Orkim Ruby, with delivery expected between the end of 2026 and early 2027.
Orkim's IPO involves the issuance of 400 million shares, comprising a public issue of 100 million new ordinary shares and an offer for sale of 300 million existing shares. The retail offering includes 28 million new ordinary shares, with 20 million available to the Malaysian public via balloting and eight million for eligible directors, employees, and contributors to Orkim's success.
The institutional offering comprises 372 million shares, including 72 million new ordinary shares and 300 million existing shares under the offer for sale. Of the 72 million new shares, 50 million are allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), with the remaining 22 million new shares and 300 million existing shares for other Malaysian institutional and selected investors.
Priced at 92 sen per share, Orkim will achieve a market capitalisation of RM920 million based on an enlarged share capital of one billion shares upon listing. The public issue application opens today and closes at 5 pm on November 26, 2025.
CIMB Investment Bank Bhd serves as the principal adviser, joint bookrunner, managing underwriter, and joint underwriter for the IPO. RHB Investment Bank Bhd is the joint bookrunner and joint underwriter, while Affin Hwang Investment Bhd acts as the joint underwriter.