Colform aims for RM41mil from its IPO

(From left) Colform Group Bhd executive director Kang Phui Ting, director Kang Ah Hin, managing director Kang Ket Hung, chairman Datuk Ali Ahmad Hamid, executive director Kang Phui Yie and Mercury Securities Sdn Bhd corporate finance head Eric Chong at the prospectus launch of Colform Group in conjunction with its initial public offering on the ACE Market of Bursa Malaysia.

PETALING JAYA: Colform Group Bhd aims to raise RM41.19mil from its initial public offering or IPO on the ACE Market of Bursa Malaysia to expand its steel manufacturing and installation operations.

Following the launch of its prospectus, the steel and building material specialist based in Sabah shared its plans for the proceeds it aims to raise via an issuance of 14.42 million shares at 36 sen each.

Of the funds, RM9mil will be used to set up a colour coil coating production line at its Kota Kinabalu factory, while RM4.5mil will go towards constructing a new storage facility in Kota Kinabalu.

A total of RM5.1mil will be utilised for business expansion into Peninsular Malaysia, including establishing a branch office and leased factory in Klang, Selangor.

The firm is expected to make its debut on Feb 10, 2025.