It was planning to sell 129m shares at MYR 65 each, implying proceeds of MYR 83.85m ($24m).
The IPO was oversubscribed by five times, but the stock then debuted at MYR 59 on Bursa Malaysia, the Bernama news agency reported.
EA said it expects to convert a tanker into a floating storage and offloading (FSO) next year.
Managing director Abdul Hak Amin said the conversion is expected to contribute about $40m to its revenue over the next four years.
“The
