Techbond Group aims to raise RM39.67 mil through IPO

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KUALA LUMPUR (Nov 13): Techbond Group Bhd is aiming to raise RM39.67 million from its Initial Public Offering (IPO) with its scheduled listing on the Main Market of Bursa Malaysia on Dec 5. 

In a statement today, the company said the IPO will consist 60.11 million new ordinary shares at an issue price of 66 sen per share. 

"The public share comprises of 11.50 million shares that will be made available for application by the Malaysian public, 6 million shares will be available for application by the Eligible Directors, Employees and other persons who have contributed to the success of Techbond. 

"While 23 million shares will be made available for application by way of private placement to Bumiputera investors approved by the Ministry of International Trade and Industry, and the remaining 19.61 million shares will be made available by way of private placement to selected investors," it said. 

Based on the issue price of 66 sen per share and the issued share capital of the company 230 million ordinary shares, the company will have a market capitalisation of RM151.8 million, Techbond added. 

Application for the public issue will open on Nov 13 and close on Nov 23. 

Techbond managing director Lee Seng Thye said the company had reached another milestone, as it takes one more step towards the upcoming listing on the Main Market of Bursa Securities. 

"We believe that this listing exercise will further strengthen our corporate profile to enhance market awareness of our business, as well as provide a platform for our growth regionally," Lee said.