The renewable energy player launched its prospectus for the initial public offering (IPO) today in conjunction with its listing on the ACE Market of Bursa Securities.
The company is principally involved in engineering, procurement, construction, and commissioning (EPCC) as well as construction and installation services of solar photovoltaic (PV) facilities, solar power generation and supply as well as associated services and products,
The IPO will raise RM34.22 million via the issuance of 118.00 new shares at an IPO price of RM 0.29 per share.
A breakdown of the proceeds goes like this: 58.72% (or RM20.10Million) of the proceeds raised will be used to fund the Group’s working capital requirements; 20.46% (or RM7 million) for repayment of bank borrowings; 5.42% (RM1.86 million) towards capital expenditure; 4.88% (or RM1.67 million) for business expansion; The remaining 10.52% (or RM3.6 million) will be used to defray listing expenses.
Sunview has targeted to float its shares on ACE Market on October 17, 2022.
The Group will have a market capitalisation of RM135.72 million, based on its enlarged share capital of 468.00 million shares and IPO price of RM0.29 per share upon listing.
“Despite the Group only being in existence for less than 10 years, our growth story is a testament of the hard work and effort we poured into the company,” Sunview chief executive officer Ong Hang Ping said.
“To sustain our growth momentum, we have set our sights on expanding our existing businesses. We intend to strengthen our solar PV business by leveraging on our extensive track record to secure new contracts to boost our order book. We also plan to expand solar power generation and supply business to build a strong recurring income stream for the Group,” Ong added.
“Moreover, we are looking to expand into EPCC of biogas plants and complementary products. We are able to capitalise on our current expertise and experience to address potential opportunities in this segment and provide complementary products including internet of things solar energy system and current limiting reactor system for solar PV power applications,” Ong remarked.
“Other than that, we have planned to set-up a new office to facilitate our business expansion in Johor to enhance our market position in the southern region. We will also be allocating our proceeds towards our capital expenditure requirements to support the continuing expansion of our solar PV business,” Ong concluded.
Alliance Islamic Bank is appointed as the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise.