ASM Automation Group Bhd, a specialist in automation machinery solutions, aims to raise RM21.82 million through its IPO priced at 17 sen per share.
The IPO, offering up to a 34% stake in the company, consists of 128.34 million new shares and 53.48 million existing shares, representing 24% and 10% of the enlarged issued share capital respectively.
Proceeds from the IPO will primarily fund the acquisition of a 70,000 sq ft land and the construction of a new factory to boost production capacity, accounting for RM11.40 million.
Other allocations include RM2.3 million for machinery and equipment, RM2 million for research and development, RM1.92 million for working capital and RM4.2 million to cover listing expenses.
The company plans to list on the ACE Market on July 2, with applications closing on June 19.
Its MD Chan Kok Heng said the IPO will enhance ASM Automation’s technical capabilities, market reach and credibility as it scales innovation and export activities.
M&A Securities Sdn Bhd acts as principal advisor, sponsor, underwriter and placement agent, while Eco Asia Capital Advisory Sdn Bhd serves as financial advisor. — TMR
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