KUALA LUMPUR (Nov 29): Animal health products specialist Rhone Ma Holdings Bhd targets to raise RM31.59 million via its initial public offering (IPO) for a planned listing on Bursa Malaysia's Main Market.

According to Rhone Ma's prospectus, its IPO involves a public issue of 42.12 million shares at 75 sen each. 

With an issue price of 75 sen per share and an enlarged issued base of 166 million shares, Rhone Ma has a market capitalisation of RM124.5 million, the prospectus showed.

Rhone Ma will be listed on Bursa Malaysia this Dec 19.

Today, Rhone Ma managing director Dr Lim Ban Keong told reporters after the prospectus launch here that the IPO proceeds would enable the group to continue expanding in Malaysia and in its existing markets across the region.

Rhone Ma currently has a presence in Singapore, Brunei, the Philippines, Indonesia, Thailand and Vietnam, according to Dr Lim.

Of the RM31.59 million IPO proceeds, Dr Lim said RM18 million would be earmarked for the construction of a plant in Nilai, Negeri Sembilan. The plant will sit on a 1.52-hectare (3.8 acre) land.

"Meanwhile, RM8.5 million will be allocated to the construction of a warehouse in Kapar, Selangor," he said.