Synergy House, a cross-border e-commerce seller and furniture exporter of ready-to-assemble (RTA) home furniture, has entered into an underwriting agreement with Kenanga Investment Bank Berhad for the Group’s upcoming initial public offering on the ACE Market of Bursa Malaysia Securities Berhad.
Prior to entering into the agreement, the Group had earlier obtained approval from Bursa Securities for admission to the Official List as well as the listing of its shares on the ACE Market of Bursa Securities.
In conjunction with its listing, Synergy’s IPO exercise will comprise a total of 130.0 million shares including a public issue of 80.0 million new shares representing 16.0% of the enlarged issued share capital. The IPO shares from the public issue will be allocated in the following manner:
The IPO exercise also includes an offer for sale of 50.0 million existing shares representing 10.0% of the enlarged issued share capital which will be made available by way of private placement to Bumiputera investors approved by the MITI.
Under the underwriting agreement, Kenanga IB will underwrite the 25.0 million new shares made available to the Malaysian public and the 12.5 million existing shares made available to Eligible Persons.
Executive Director of Synergy House, Mr. Tan Eu Tah said, “Our IPO will provide us the capital to grow our business which business model we have adopted since 2004. Since 2004, we have focused solely on the design, development, and sales of RTA home furniture and outsource all manufacturing works to third-party manufacturers.”