Of the proceeds, RM2.5mil will be allocated for business expansion into the Philippines while RM6.3mil will go towards the expansion of employee engagement app Feet's as well as that of third-party collaboration platform Lark in Southeast Asia.
In addition, the human capital management solutions and technology provider is allocating RM4.1 mil for R&D expenditure, RM7.6mil for working capital and the remaining RM4.6mil for listing expenses, it said in a statement issued in conjunction with its virtual prospectus launch.
"We see demand for digitalisation of HR functions in Southeast Asia, which is why we are expanding our regional footprint to the Philippines.
"This move will strengthen our position as the leading regional HCM solution and technology specialist as we are already present in key regional markets," said Ramssol Group CEO Cllement Tan.
He added that Feet's will be enhanced with the inclusion of AI technology and the development of bolt-on modules in HCM solutions.
Ramssol's IPO comprises a public issue of 55.76 million new shares at an offer price of 45 sen a share as well as a an offer for sale of 22.3 million existing shares by way of private placement to selected investors.
Kenanga Investment Bank Bhd is the principal adviser, sponsor, underwriter and placement agent of the IPO.
The closing date for the IPO is June 29, 2021.