Ramssol targets proceeds of RM25.1mil from IPO

From left: Independent non-executive chairman Datuk CM Vignaesvaran Jeyandran, group MD and CEO Cllement Tan and non-independent executive director and COO Lee Miew Lan

KUALA LUMPUR: ACE-Market bound Ramssol Group Bhd aims to raise RM25.1mil in proceeds from its initial public offering on July 13, which will go towards funding its business expansion.

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.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Ramssol , IPO , listing , ACE Market


Next In Business News

Pfizer and Moderna raise prices for COVID-19 vaccines in EU
Egypt's stock exchange to lift limit on share price moves to 20% from September
Saudi lender Al Rajhi reports 48% rise in Q2 net income
Vonovia to make new Deutsche Wohnen offer at 53 eur/shr
Square to buy Afterpay for US$29 bln as buy now, pay later booms (Update)
Fixed capital seen to grow
China securities watchdog seeks closer cooperation with the United States
Listing on the cards again for Weststar
The Week Ahead - results, monetary policy, PMI Data,
A growing EV trend

Stories You'll Enjoy