From left: UOB Kay Hian Securities (M) Sdn Bhd managing director, capital markets Tan Meng Kim, Chemlite Innovation Bhd CEO and executive director Chong Yuen Fong, Chemlite Innovation COO and executive director Heng Chee Khiang and UOB Kay Hian Securities director, co-head of corporate finance Goh Yao Yen.
KUALA LUMPUR: ACE-Market bound Chemlite Innovation Bhd aims to raise RM30mil through its initial public offering (IPO).
In a statement, the engineering support services provider said that its IPO entailed a public issue of 120 million new shares at 25 sen per share, along with an offer for the sale of 60 million existing shares.
Chemlite said the proceeds from the IPO would be used to expand the business and support growth.
Part of the funds will go towards enhancing operational capabilities, which includes building an additional operating facility, setting up cleanrooms, investing in advanced machinery and equipment, and establishing a dedicated research and development (R&D) department.
The remaining funds will be used to strengthen working capital to meet business growth and operational needs.
Executive director and CEO Chong Yuen Fong said the IPO signified the company's commitment to expanding its capabilities and continuing to drive innovation in surface finishing treatment solutions.
“With the proceeds, we are bringing our strategic plans closer to realisation with the expansion of our anodising services and strengthening our presence in the metal plating segment through the construction of an additional facility.
“This new facility, with increased capacity, will enable us to capture greater market share and further establish ourselves as a established and trusted partner in surface finishing treatment solutions, primarily serving the semiconductor and electrical and electronics industries,” Chong said.
Meanwhile, executive director and COO Heng Chee Khiang said: “This listing serves as a vital platform for Chemlite Innovation to create greater value for our customers and stakeholders. We are confident that the proceeds raised will enable us to implement our strategic objectives and meet the evolving demands of our global client base with our enhanced capabilities and innovation.”
UOB Kay Hian Securities (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for Chemlite’s IPO.
Chemlite is set to be listed on the ACE Market on March 26.
