KUALA LUMPUR: Property developer SPB Development Bhd has signed an underwriting agreement with Hong Leong Investment Bank Bhd (HLIB) for its proposed initial public offering (IPO) on the Main Market of Bursa Malaysia.
It is expected to be listed in the second quarter of 2025.
It is primarily involved in developing and selling affordable landed homes within townships aimed at the mass market, with projects and land bank across Melaka, Johor, Penang, Selangor, Kedah, and Perak.
In a statement, it said the IPO entailed an institutional offering of 231.40 million shares and a retail offering, totalling 47 million shares. HLIB will underwrite 47 million shares including 18.56 million shares made available to the public and 28.44 million shares allocated to eligible directors, key senior management, employees, and individuals who had contributed to the company. — Bernama
