PETALING JAYA: 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 department.
The remaining funds will be used to strengthen working capital to meet business growth and operational needs.
Chemlite is set to be listed on the ACE Market on March 26.
