Oppstar signs IPO underwriting deal with Affin Hwang Investment Bank

From left: Oppstar executive director and chief technology officer Cheah Hun Wah, executive director and CEO Ng Meng Thai, Affin Hwang Investment Bank officer-in-charge Ng Meng Wah and chief financial officer Mustafa Shafiq Razzali.

KUALA LUMPUR: ACE Market-bound Oppstar Bhd has inked an underwriting agreement with Affin Hwang Investment Bnk Bhd in conjunction with its initial public offering (IPO).

The integrated circuit design service provider said its IPO involves a public issue of 165.48 million new shares or 26% of its enlarged issued share capital of 636.2 million shars upon listing.

Of the shares, 31.81 million will be made available for application by the Malaysian public.

The company will also make available 22.27 million shares for application by eligible directors, employees and business associates who have contributed to the success of the group.

Via private placement, 31.88 million shares will be allocated to selected investors and 79.53 million shares to indentified Bumiputera investors approved by the Ministry of International Trade and Industry.

"The signing of the underwriting agreement symbolises a significant milestone for Oppstar as it brings us one step closer to being a listed entity.

"The IPO will provide funding for our expansion and enable the public to participate in the Group’s growth. We aim to increase our presence in the IC design industry in the region and create a greater impact on the semiconductor supply chain," said Oppstar executive director and CEO Ng Meng Thai in a statement.

Oppstar provides integrated circuit design services covering front-end design, back-end design and complete turnkey solutions to its customers in the region and also works closely with multinational companies in the semiconductor industry.

The integrated circuits that the group designs can be used for end products in various industries such as telecommunications, industrial electronics, automotive and consumer electronics.

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