Wellspire Holdings Berhad a distributor of consumer-packaged foods in Thailand, launched its prospectus for the initial public offering in conjunction with its listing on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO entails a public issue of 124,600,000 new ordinary shares and an offer for sale of 124,600,000 existing ordinary shares. Of the 124,600,000 Public Issue Shares, 36,000,000 Public Issue Shares will be made available to the Malaysian Public via balloting, 10,000,000 Public Issue Shares will be allocated to the eligible directors, employees of the Group and persons who have contributed to the success of the Group, while the remaining 78,600,000 Public Issue Shares will be allocated by way of private placement to selected investors.
The group aims to raise approximately RM28.66 million, of which it said RM16 million will be utilised for the acquisition or construction of a warehouse and operational facility in Thailand and RM5.96 million will be utilised for working capital. The remaining RM6.7 million will be allocated to defray listing expenses.
Based on its enlarged issued share capital of approximately 712.13 million shares and IPO price of RM0.23 per share, Wellspire will have a market capitalisation of approximately RM163.79 million upon its listing on Bursa Securities.
Pursuant to the launch of Wellspire’s prospectus, applications for the Public Issue are open from today and will close on 4 January 2023 at 5.00 p.m. Wellspire is scheduled to be listed on the ACE Market of Bursa Securities on 16 January 2023.
TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Sole Underwriter and Sole Placement Agent for this IPO exercise.
