Regional technology solutions provider, Infomina Bhd is in the running for a listing on Bursa Malaysia's ACE Market set for the 25th of November, of which it aims to raise RM32.47 million from its initial public offering (IPO).
On the total proceeds, managing director Yee Chee Meng revealed that the company has plans to allocate RM13.96 million (43%) for working capital and RM7.6 million (23.4%) in an effort to strengthen its research and development capabilities and capture growth opportunities.
RM5.53 million will be channeled to regional expansion, with RM0.89 million to be used for branding, marketing and promotional activities, and the remaining RM4.5 million used to defray listing expenses.
"We have transformed from a homegrown and local IT player to a regional technology solutions provider boasting a direct presence in Malaysia, Singapore, Thailand, the Philippines, Indonesia and Hong Kong,” said Yee.
"In addition to our vast regional footprint, our growing list of big-name clientele is a testament to our capabilities in providing technology solutions to large enterprises."
The group services a well-diversified portfolio of over 60 active clients across multiple industries and geographical locations including Malaysia, Singapore, Thailand, the Philippines, Indonesia, Hong Kong, China and Taiwan.
The company's IPO comprises a public issue of 81.17 million new shares, of which 30.06 million shares will be made available for application by the Malaysian public, and 6.01 million shares will be set aside for eligible directors and employees of the group.
Another 45.09 million shares will be set aside for a private placement to Bumiputera investors approved by the Ministry of International Trade and Industry (MITI). At an issue price of 40 sen per share and an enlarged share capital of 601.25 million shares, the company will have a market capitalisation of RM240.5 million upon its listing.
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