LEAP-bound Seers sets IPO share price at 8 sen apiece

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KUALA LUMPUR (June 29): Seers Bhd, which seeks to list its shares on the leap market of Bursa Malaysia by early July, announced today on Bursa Malaysia that it has fixed the issue price of the placement shares at 8 sen per share.

The company, which is involved in water heater and water-related appliances business, plans to issue 64.41 million shares in the initial public offering.

At 8 sen per share, the firm will have a market capitalisation of RM20.61 million upon listing.

The exercise is expected to raise gross proceeds of RM5.15 million, of which Seers plans to set aside 25.2% or RM1.3 million for capital expenditure and 57.3% or RM2.95 million for general working capital.

The remaining 17.5% or RM900,000 will be used to pay listing-related expenses.