Oppstar Berhad an integrated circuit design service provider, ahs signed an underwriting agreement with Affin Hwang Investment Bank Berhad in conjunction with its initial public offering and listing on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO involves a public issue of 165,479,000 new shares, which represents approximately 26.0% of its enlarged issued share capital of 636,200,000 shares upon listing. Of the shares offered 31,810,000 shares or 5.0% of its enlarged issued share capital, will be made available for application by the Malaysian public; 22,267,000 shares, or 3.5% of its enlarged issued share capital, will be made available for application by the eligible directors, employees and business associates who have contributed to the success of the Group; 31,877,000 shares or 5.0% of its enlarged issued share capital, will be made available through private placement to selected investors; and 79,525,000 shares or 12.5% of its enlarged issued share capital, will be made available through private placement to identified Bumiputera investors approved by the Ministry of International Trade and Industry of Malaysia.
AHIBB is the sole underwriter of the 54,077,000 shares made available for application by the Malaysian public and eligible directors, employees and business associates of the Group.
Oppstar’s Executive Director/Chief Executive Officer, Ng Meng Thai said, “The signing of the underwriting agreement symbolises a significant milestone for Oppstar as it brings us one step closer to being a listed entity. The IPO will provide funding for our expansion and enable the public to participate in the Group’s growth. We aim to increase our presence in the IC design industry in the region and create a greater impact on the semiconductor supply chain.
