SkyeChip Berhad is set to raise up to RM352 million through an initial public offering (IPO) of 400 million ordinary shares in conjunction with its planned listing on the Main Market of Bursa Malaysia Securities Berhad.
The IPO will comprise a public issue of 400 million new shares, with the offering split between institutional and retail investors.
Of the total, 264.67 million IPO shares will be allocated under the institutional offering to institutional and selected investors at an institutional price to be determined through a bookbuilding exercise.
Meanwhile, 135.33 million shares will be offered under the retail tranche to the company’s directors, eligible employees of SkyeChip and its subsidiaries, persons who have contributed to the success of the group, and the Malaysian public.
The retail offering has been fixed at RM0.88 per share, which values the retail tranche at approximately RM119.1 million. Based on the retail price, the full 400 million-share IPO could raise up to RM352 million if priced at the same level.
According to the prospectus, the final retail price will be the lower of the fixed retail price of RM0.88 per share or the institutional price determined through the bookbuilding process.
The IPO is also subject to clawback and reallocation provisions.
The listing will facilitate the quotation of SkyeChip’s entire enlarged issued share capital on Bursa Malaysia’s Main Market and is expected to strengthen the company’s capital base to support future expansion.
