KUALA LUMPUR (June 28): Retail technology solutions provider Radiant Globaltech Bhd, which is en route to list on the ACE Market of Bursa Malaysia on July 24, aims to raise RM29.5 million from the its initial public offering (IPO).

Radiant Globaltech's IPO entails a public issue of 128.1 million new shares representing 24.4% of the group's enlarged issued share capital, at an issue price of 23 sen per share.

At the prospectus launch today, Radiant Globaltech managing director Paul Yap Ban Foo said about RM11.6 million of the proceeds from the IPO would be used to support business and capital expansion.

"RM3 million would be allocated for the expansion of the group's retail software business, while RM4.8 million would be for working capital," added Yap.

Meanwhile, RM6.6 million will be slated for the repayment of bank borrowings with the remaining RM3.5 million for listing expenses.

In 2017, Radiant Globaltech captured 20% market share of Malaysia's retail technology solutions industry worth RM404.2 million.

Additionally, after its listing, the group will continue its expansion to the Indonesian market in the near term.

"We plan to distribute our retail hardware products and implement our retail management software services to retailers in Indonesia," said Yap.

Yap believes that the future of Radiant Globaltech is bright and exciting and with the full support of its IPO, the group will reach greater heights.