At the beginning of trading, 4.88 million shares of the stock were traded.

The company’s IPO was oversubscribed 76.22 times for the public tranche.

The Bumiputera portion saw an oversubscription of 65.68 times, while the remaining public portion was oversubscribed by 86.75 times.

Shares allocated for eligible persons and select investors through private placement were fully subscribed.

Ocean Fresh is principally involved in processing and trading frozen seafood products and providing frozen seafood processing services to customers in Malaysia, Turkey, China, Thailand, Vietnam and Japan.

Executive director Teo Chee Han said in a statement that the group intends to utilise RM8 million as capital expenditure (capex) for its new cold storage facility in Kuantan, Pahang.

The group has raised about RM14 million from its IPO exercise.

He said the new cold storage facility will enable the group to maintain a higher level of inventories, increasing the maximum storage capacity of its existing cold rooms from 1,700 tonnes to 4,700 tonnes.

“This will be instrumental as we cater to the increasing demand for our products while also growing our exports of frozen seafood products to international markets, particularly China as well as to venture into the processing and trading of dried seafood products,” he said.

Teo said Ocean Fresh has evolved into an established frozen seafood processor and trader in Malaysia with a network of suppliers providing local and internationally wild-caught and farm-raised seafood, as well as a network of global customers.

“Its facilities have a maximum capacity to process about 18,000 tonnes of frozen seafood products annually,” he said.