KUALA LUMPUR (June 24): Frozen food manufacturer and wholesale retailer company Ocean Fresh Bhd on Monday said investors had snapped up its RM14.01 million initial public offering (IPO) shares ahead of its listing on the ACE Market.

Demand totalled 811.55 million shares worth RM227.23 million for 10.51 million shares available to the Malaysian public, an oversubscription of 76.22 times, Ocean Fresh said in a statement. The Bumiputera portion was oversubscribed 65.68 times, while the other Malaysian public category was oversubscribed 86.75 times.

Shares set aside for eligible persons were also fully subscribed while shares offered through private placement to select investors were fully taken up.

The listing is set for July 4.

Under the IPO set at 28 per share, Ocean Fresh marketed 10.51 million shares to the Malaysian public, of which at least half was made available to Bumiputera public investors.

The company also offered 1.71 million new ordinary shares to eligible persons, and 37.83 million shares to select investors through private placement. All in all, the IPO involved 50.05 million new ordinary shares, representing 23.8% of the enlarged share capital.

Ocean Fresh is principally involved in the processing and trading of frozen seafood products, as well as the provision of frozen seafood processing services to its customers in Malaysia, Türkiye, China, Thailand, Vietnam and Japan.

Ocean Fresh said it will utilise more than half of the proceeds, or RM8 million, for its new cold storage facility in Kuantan, Pahang. The company has also budgeted RM2.51 million for working capital requirements, and to spend RM3.5 million on estimated listing expenses.

KAF Investment Bank is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.