Yee Lee Pacific debuts on the ACE Market at 28.5 sen over a premium of half a sen from its issue price with 22.69 million shares traded on its first day. FTSE Bursa currently however is trading flat.
The group planned IPO is expected to raise gross proceeds of RM37.27 million. M&A Securities is the Principal Adviser, Sponsor, Underwriter, and Placement Agent for YLPG’s IPO while Eco Asia Capital Advisory Sdn Bhd is the Financial Adviser.
While the IPO involves the issue of 133.10 million new shares to be issued at RM0.28 sen per share and an offer for sale of 26.62 million existing shares by way of the private placement to selected investors. The public issue shares could be subsequently divided into 26.62 million new shares made available for application to the Malaysian public, 15.97 million new shares allocated for application by eligible directors and employees, 23.96 million new shares by way of private placement to selected investors and 66.55 million new shares by way of private placement to identified bumiputera investors approved by the Ministry of International Trade and Industry (MITI).
“The launch of this Prospectus is an important milestone for us as it marks the fruits of our labour from when we first started operations in 2004. As an established producer of industrial brushes, we embarked on this IPO to raise funding for our growth plans and elevate our profile in the industry,” Mr. Ang Lee Leong, Managing Director of Yew Lee Pacific said during the launch of the prospectus.
