KUALA LUMPUR: Enterprise information technology (IT) services provider TechStore Bhd
aims to raise RM25mil from its initial public offering (IPO) en route to an ACE Market listing on Feb 18, 2025.
Its managing director Eugene Tan Hock Lim said that after being established for almost 14 years, the company plans to expand with the IPO proceeds.
According to the prospectus, out of the RM25mil in proceeds, RM11.5mil will be allocated for working capital to support future projects and employee-related costs, RM5mil for the repayment of bank borrowings and RM2.7mil for the recruitment of business development personnel.
Meanwhile, RM2.3mil will be allocated for capital expenditure on equipment, computers, hardware, IT software, and the establishment of a new branch office in Johor Baru, while the remaining RM3.5mil will be used for estimated listing expenses.
