Company: Orkim Berhad

Date of Prospectus: 19 November 2025

Orkim Berhad IPO: Inside Malaysia’s Largest Marine Tanker Listing of 2025

Orkim Berhad’s landmark IPO offers investors a rare opportunity to access Malaysia’s leading chemical/petroleum and LPG marine transportation business. With robust financial performance, market leadership, and a growth-driven strategy, this listing on Bursa Malaysia’s Main Market is poised to attract significant institutional and retail interest.

IPO Snapshot

Key offer details position Orkim Berhad’s IPO as one of the most significant transport sector listings on Bursa Malaysia in 2025.

• IPO Symbol: Not disclosed (to be assigned by Bursa Malaysia at listing)
• Offer Price: RM0.92 per share (Retail Price; Institutional Price to be determined by bookbuilding)
• Total Offer Size: Up to 400,000,000 ordinary shares
• Breakdown: 300,000,000 Offer Shares (existing shares via shareholder offer) + 100,000,000 Issue Shares (new shares via public issue)
• Post-IPO Outstanding Shares: 1,000,000,000 shares

Expected Market Capitalisation at Listing: RM920 million

Minimum Subscription Requirement: At least 25% held by 1,000 public shareholders with ≥100 shares each

Use of Proceeds: Growth-Driven Expansion

Orkim Berhad’s IPO proceeds signal a clear intent for expansion and operational strengthening.

• Purchase of Vessels: RM80.0 million (87%) within 24 months for fleet expansion (2 new chemical/petroleum product tankers, up to 9,000 DWT each)
• Working Capital: RM1.15 million (1.2%) within 12 months
• IPO & Listing Expenses: RM10.85 million (11.8%) within 3 months

This allocation underscores a strong growth and fleet renewal story.

Dividend Policy and Commitment

Orkim Berhad targets a robust payout ratio of 50% to 70% of PAT annually, on a consolidated basis, after considering capital needs and covenants. The dividend will not exceed distributable profits and may be adjusted in line with future borrowings or capex plans. The moratorium on major shareholders’ disposal of shares lasts 6 months post-listing [[39]].

IPO Allocation and Placement Breakdown

The offering features a balanced allocation between institutional, retail, and employee tranches, with strong focus on Bumiputera participation.

• Institutional Offering: Up to 372,000,000 shares (37.2%)
• Retail Offering: 28,000,000 shares (2.8%)
• Breakdown within Retail:
  • 8,000,000 shares reserved for directors, employees, contributors
  • 20,000,000 shares via balloting to Malaysian public (50% set aside for Bumiputera investors)
• Shareholder Offer: 300,000,000 shares (Offer for Sale by TKSB)

Moratorium: PNB and ART are restricted from disposing their IPO shares for 6 months post-listing.

Investor Participation and Book Quality

Institutional tranches prioritise Malaysian institutional and selected investors, with 50 million shares earmarked for Bumiputera investors approved by MITI.

• Anchor Investors: PNB, AmanahRaya Trustees Berhad (ASB, ASM)
• Clawback and Reallocation Provisions: Oversubscription/undersubscription allows reallocation between retail and institutional tranches, prioritising Bumiputera quotas
• Employee & Director Allocation: 8,000,000 shares, with transparent breakdown by role

No pre-listing disposals above 5% are disclosed. The allocation structure and clawback rules suggest a high-quality, well-supported book, likely producing strong first-day trading interest.

Deal Parties and IPO Structure

Leading Malaysian investment banks anchor the deal, with robust underwriting and placement arrangements.

• Principal Adviser, Joint Bookrunner, Managing Underwriter: CIMB Investment Bank
• Joint Bookrunner, Joint Underwriter: RHB Investment Bank
• Joint Underwriter: Affin Hwang Investment Bank

Over-allotment (Greenshoe) Option: Up to 60,000,000 shares (15% of the IPO), managed by the Stabilising Manager and backed by PNB, to stabilize post-listing price within 30 days.

Visible placement fees and commissions further demonstrate the deal’s institutional focus.

CIMB’s full disclosure and responsibility statement indicate robust due diligence and market confidence.

Orkim Berhad: Business Model, Revenue Streams, and Market Position

Orkim Berhad leads Malaysia’s marine transportation sector for chemical/petroleum (CPP) and LPG products, with a proven owner-operator model.

• Principal Activities: Investment holding, vessel ownership, chartering, shipping management, freight contracting
• Key Revenue Streams: Long-term vessel charter contracts, marine transport services for energy majors (PETRONAS, Petron Group, etc.)
• Fleet: 15 CPP tankers, 2 LPG tankers (as at FPE June 2025)
• Market Share: ~56% of Malaysian-registered chemical/petroleum tankers
• Geographic Reach: Malaysia (core), regional Southeast Asia routes
• Customers: Energy majors, refiners, distributors

Competitive Advantages:

• Market leading fleet scale and modernisation
• Recurring revenue from multi-year contracts
• Strong ESG practices and compliance with IMO 2030 targets

Brand strength is demonstrated by high vessel utilisation rates and industry recognition.

Financial Performance: Revenue, Profitability, and Margins

Orkim Berhad has delivered consistent revenue, expanding gross and EBITDA margins, and strong PAT growth across recent periods.

Fleet Utilization and Operational Efficiency

Consistently high vessel utilization rates underscore operational excellence and contract discipline.

Management Team and Leadership

Orkim Berhad’s experienced board and management team underpin its operational and strategic success.

Sector Trends, Timing, and Market Environment

Orkim Berhad’s IPO is strategically timed amid rising energy transport demand and a favorable regulatory and economic backdrop.

• Sector: Energy logistics, marine transportation
• Macro Environment: Malaysia’s industrialisation, stable regulatory regime, rising energy demand
• ESG & Regulatory: Compliance with IMO 2030, MARPOL, and HSSE standards
• IPO Offer Period: 19 November 2025 (10:00 a.m. open) – 26 November 2025 (5:00 p.m. close)
• Price Determination Date: 27 November 2025
• Balloting: 1 December 2025
• Allotment/Transfer: 5 December 2025
• Listing Date: 9 December 2025

Fleet modernization and digitalization are key corporate trends, aligning with industry’s decarbonisation and efficiency goals.

Market conditions appear favorable for this IPO, with strong institutional, retail, and regulatory support.

Risk Factors

Investors should consider these key risks as outlined by Orkim Berhad:

• Share price and trading volume volatility: Market price may fluctuate due to macro, sector, and liquidity factors
• Dividend uncertainty: Future payouts subject to capex, working capital, and debt covenants
• Sale of large share blocks: Post-moratorium sales by major shareholders may pressure prices
• IPO/Listing delay risk: Approvals, underwriting, or public spread shortfall could abort listing
• Legal, regulatory, and market risks: Changes in laws, taxation, or market conditions may impact performance
• Operational risks: Customer and supplier concentration, vessel acquisition timing, contract dependency
• Related-party transactions: Monitored and disclosed to ensure compliance

Risk exposures are quantified where possible (e.g., 40% of shares held by public post-IPO, 60% by PNB/ART).

Growth Strategy and Future Plans

Orkim Berhad is committed to fleet expansion, digital transformation, and ESG leadership.

• Fleet renewal: 2 new tankers planned within 24 months
• Digitalization: Upgrading tech for fuel efficiency and regulatory compliance
• ESG Alignment: Investing to meet IMO 2030 targets and HSSE standards
• Customer diversification: Expanding contracts with energy majors

These initiatives position Orkim Berhad to capture future growth in regional energy logistics.

Ownership Structure and Lock-Up Periods

Orkim Berhad’s post-IPO ownership ensures institutional stability and gradual float expansion.

• Pre-IPO Major Shareholders: TKSB (Promoter), PNB, ART-ASB, ART-ASM
• Post-IPO: Public holds 40%, PNB/ART hold 60% (subject to 6-month lock-up)
• Promoter/Shareholder Lock-Up: 6 months from listing
• ESOPs: Employee allocation via retail offering

Valuation and Peer Comparison

Orkim’s IPO valuation metrics position it attractively within the transport sector.

• P/E Multiple (Offer Price): 9.9x (based on FYE 2024 EPS of 9.29 sen)
• Pro Forma Book Value Per Share: RM0.58
• Offer Price-to-Book: 1.59x

No peer company financials are provided in the document for direct comparison.

Research and Analyst Coverage

No analyst price targets or external research opinions are disclosed in the prospectus.

IPO Allotment and Subscription Outcomes

Final subscription outcomes to be determined post-balloting; clawback and reallocation mechanisms ensure optimal allocation and public spread compliance.

Listing Outlook and First-Day Performance

Based on strong institutional and retail support, robust financials, and effective price stabilization mechanisms, Orkim Berhad’s IPO appears highly attractive for subscription.

• Likely First-Day Trading Range: Offer price of RM0.92 with potential for modest appreciation, supported by greenshoe option and high book quality
• Performance Relative to Offer Price: Prospectus figures suggest strong debut, especially given market leadership and recurring earnings

Market conditions, demand, and deal structure all point to potential upside on listing day.

Prospectus Access

Website to Obtain Prospectus: www.bursamalaysia.com

How to Apply for Orkim Berhad IPO

Application Channels: Participating brokers, banks, and authorized e-IPO platforms.
Application Window: 19 November 2025 (10:00 a.m.) to 26 November 2025 (5:00 p.m.).
Steps: Investors may apply via Application Form, Electronic Share Application (ATM), or Internet Share Application, subject to eligibility. Application forms are not available in electronic format; paper copies can be obtained from the company, issuing house, or participating organizations.