Orkim Seeks To Raise RM92 Mln Ahead Of Main Market Debut

KUALA LUMPUR, Nov 19 (Bernama) -- 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 Dec 9, 2025.

Its chairman, Datuk Abdul Hamid Sh Mohamed, said that of the total proceeds, the group will utilise RM80 million to purchase new vessels as part of the group's fleet expansion and rejuvenation strategy.

"RM1.15 million will be used as working capital to purchase bunker fuel and vessel maintenance costs to support our day-to-day operations. The remaining proceeds (RM10.85 million) will be used to cover the IPO and listing-related expenses," he said at the group's prospectus launch today.

Orkim executive director and chief executive officer, Cheah Sin Bi, said the company has already begun expanding its fleet, beginning with the recent delivery of a new vessel, and plans to purchase 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. Next year, we are going to acquire another two vessels. The proceeds of the IPO are actually for the acquisitions we are going to make next year (which will be funded) through our internal fund and probably our sukuk fund as well,” he said.

Cheah also confirmed that two additional vessels currently under construction, Orkim Jade and Orkim Ruby, are scheduled for delivery between the end of 2026 and early 2027.

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Orkim's IPO entails 400 million shares, comprising a public issue of 100 million new ordinary shares and an offer for sale of 300 million existing shares.

Under the retail offering, a total of 28 million new ordinary shares consisting of 20 million shares made available for the Malaysian public via balloting and eight million shares for eligible directors, employees, and persons who have contributed to Orkim’s success.

The institutional offering entails 372 million shares, comprising 72 million new ordinary shares from the public issue and 300 million existing shares under the offer for sale.

Of the 72 million new ordinary shares, 50 million shares were allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), while 22 million new shares and 300 million existing shares were for other Malaysian institutional and selected investors.

At an IPO price of 92 sen apiece, the company will have a market capitalisation of RM920 million based on a total enlarged share capital of one billion shares upon listing.

Application for the public issue portion opens today and closes at 5 pm on Nov 26, 2025.

CIMB Investment Bank Bhd is 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 is the joint underwriter.

-- BERNAMA