KUALA LUMPUR: Polymer Link Holdings Bhd
aims to raise about RM24.3mil from an intial public offering (IPO) en route to a listing on the ACE Market of Bursa Malaysia.
In a statement accompanying the prospectus launch, it said the issuance, comprising 97.15 million new shares at an IPO price of 25 sen per share, will help to fund the expansion of the group's Australian operations.
The remaining proceeeds from the IPO will go towards working capital requirements, capital expenditure, repaying banks and covering the listing expenses.
According to the statement, Polymer Link is a regional and international plastic manufacturer specialising in manufacturing plastic powder and colour masterbatch for rotational moulding applications. It specialises in the formulation, compounding and grinding of plastic powder; both for general and speciality applications, as well as the production of colour masterbatch.
The group had formerly listed on the LEAP Market of Bursa Malaysia in April 2018, but voluntarily delisted in December 2020 as part of a corporate streaming exercise.
Polymer Link is scheduled to be listed on the ACE Market on Nov 25, 2025. Based on the enlarged issued share capital of 560 million shares and IPO price of 25 sen a share, it will have a market capitalisation of RM140mil.
“This IPO is a defining moment for Polymer Link. It signifies our transition from a regional player to a global player in the rotational moulding supply chain.
"The funds raised will be channelled towards expanding our footprint, enhancing our innovation capabilities, and strengthening our ability to serve customers across different geographical markets. We are excited to move forward into this next phase of growth," said Polymer Link executive vice-chairman, president and group CEO Koh Song Heng.
Hong Leong Investment Bank Bhd is the principal adviser, sponsor, sole placement agent and sole underwriter for the IPO while DWA Advisory Sdn Bhd is the financial adviser.
