KUALA LUMPUR: 3REN Bhd, an automation solutions and engineering services provider, is looking to raise RM30.8mil through a public issue of 110 million new ordinary shares at an issue price of 28 sen per share under its initial public offering (IPO) prospectus launched yesterday.
It said 62.3% of the IPO proceeds will be allocated for its business expansion and operational requirements.
“(Of that), 23.4% will be utilised to set up new delivery centres in Penang which are designed to undertake specific product engineering services related to the design and development of semiconductor chips,” it said in a statement.
The remaining balance of the IPO proceeds will be utilised for repayment of borrowings and listing-related expenses, the group said.
Executive director and chief executive officer Koh Dim Kuan said the group sees immense potential for growth as the global semiconductor industry is set to continue expanding well into the next decade, driven by emerging technologies such as artificial intelligence and 5G adoption.—Bernama
