KUALA LUMPUR: Integrated aquaculture group Camaroe Bhd has signed a deal with M&A Securities Sdn Bhd for the underwriting of 37.13 million initial public offering (IPO) shares allocated for the Malaysian public and under pink form allocations.

Camaroe's IPO entails the issuance of 99 million new shares, comprising 24.75 million shares for the Malayian public, 12.38 million shares for eligible persons via the pink form allocations and 61.87 million shares via private placement to Bumiputera investors.

There is also an offer for sale of 49.5 million existing shares by way of private placement to selected investors.

The IPO proceeds will primarily be utilised for the construction of a new Bukit Raja processing facility, purchase of machinery and equipment, installation of solar panels, and the establishment of a biotechnology department. 

These initiatives are aimed at expanding processing capacity, improving sustainability, and driving operational efficiency, said the company.

"We are grateful for the confidence and support of M & A Securities as we continue to build Camaroe into a trusted regional aquaculture brand. 

"With the IPO proceeds, we aim to enhance our processing infrastructure, adopt clean energy solutions, and invest in biotechnology to further enhance farming productivity and sustainability. These efforts will reinforce our position in the prawn export market," said Camaroe managing director Teoh Han Boon in a statement.

M&A Securities is the principal adviser, sponsor, underwriter, and placement agent for the IPO.