Coraza Integrated Technology Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd for its initial public offering (IPO) on Bursa Malaysia’s ACE Market.
Coraza managing director Lim Teik Hoe says, “The listing would allow it to tap into the equity capital market to raise funds to accelerate the growth of its engineering support services business.
“It will also strengthen Coraza’s financial position as we embark on the next phase of our business expansion plans,” he added.
The IPO includes a public offering of 117.8 million new shares, representing 27.5 percent of Coraza’s enlarged share capital, as well as a private placement offering of 21.4 million existing shares to selected investors.
21.4 million new shares will be made available to the Malaysian public via balloting, with the remaining 117.8 million shares reserved for Coraza’s eligible directors, employees, and persons who have contributed to the company’s success with pink form allocations.
The remaining 74.9 million new shares will be sold privately to a select group of investors.
Coraza is scheduled to be listed by January 2022.
