KUALA LUMPUR: Skyworld Development Bhd
has entered into an underwriting agreement with Kenanga Investment Bank Bhd in conjunction with its initial public offering.
SkyWorld is expected to be listed the Main Market of Bursa Malaysia in the third quarter of 2023.
SkyWorld founder and non-independent executive chairman Datuk Seri Ng Thien Phing said the IPO proceeds will be allocated towards expanding the company's landbank, repayment of bank borrowings, working capital and defrayment of listing expenses.
"We look forward to further strengthening our position in the market and delivering long-term value to our stakeholders," he added in a statement.
Kenanga Investment Bank Bhd executive director and head of group investment banking and Islamic banking Datuk Roslan Hj Tik said: "We are pleased to support SkyWorld’s listing journey as their principal adviser, underwriter and placement agent.
"The quality and strategic location of SkyWorld’s developments puts them in good stead to achieve growth in the coming years and position themselves as a leading property developer.”
The urban property developer's IPO involves a public issue of 208 million new shares and an offer for sale of 192 million existing shares.
For the retail portion of the IPO, there will be 50 million shares made available to the Malaysian public and 25 million shares for application by eligible directors, key senior management, employees and persons who have contributed to the success of the Company.
The institutional offering will comprise 150 million shares offered to Bumiputera investors and 175 million shares offered to institutional and selected investors.
