KUALA LUMPUR: Sunview Group Bhd, which is en route to a listing on the ACE Market of Bursa Malaysia on Oct 17, is seeking to raise RM34.22mil from its initial public offering (IPO).
The renewable energy (RE) company said the IPO involved the issuance of 118.00 new shares at an IPO price of 29 per share.
Sunview said RM20.10mil or 58.72% of the proceeds raised would be used to fund the group’s working capital requirements.
Another RM7mil for repayment of bank borrowings, RM1.86mil towards capital expenditure and RM1.67mil for business expansion.
The remaining RM3.6mil will be used to defray listing expenses.
Upon its listing, Sunview will have a market capitalisation of RM135.72mil, based on its enlarged share capital of 468.00 million shares and IPO price of 29 sen per share.
Sunview chief executive officer Ong Hang Ping said Sunview had set its sights on expanding existing businesses to sustain its growth momentum.
“We intend to strengthen our solar PV business by leveraging on our extensive track record to secure new contracts to boost our order book.
“We also plan to expand solar power generation and supply business to build a strong recurring income stream for the group,” he said.
“Moreover, we are looking to expand into EPCC of biogas plants and complementary products. We are able to capitalise on our current expertise and experience to address potential opportunities in this segment and provide complementary products including internet of things solar energy system and current limiting reactor system for solar PV power applications,” Ong said.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise.