KUALA LUMPUR (Oct 23): Carimin Petroleum Bhd's initial public offering (IPO) is expected to raise RM66.8 million. The IPO is in conjunction with Carimin's proposed listing on Bursa Malaysia's Main Market.

In its prospectus, Carimin said its IPO comprised a public share issue, which would raise RM66.8 million for the company, and an offer for sale portion, which would generate  
RM6.48 million for its major shareholders.

Carimin said the public issue involved the sale of 60.7 million new shares at RM1.10 each while the offer for sale involved 5.89 million existing shares at a similar price.
 
Under the public issue, Carimin said the RM66.8 million proceeds would be used within 18 months to finance the purchase of offshore support vessels, and development of a minor fabrication yard in Telok Kalong, Terengganu.

The proceeds will also be used to repay Carimin's bank borrowings, and finance its  working capital and listing expenses.

Based on Carimin's IPO price of RM1.10 a share and expanded share base of 233.88 million shares after listing, the company has a market capitalisation of RM257.27 million.

The company’s tentative listing date is fixed on November 10 this year.