Oppstar Bhd, an Integrated circuit (IC) design services specialist, has officially obtained approval from Bursa Malaysia for its listing on the ACE Market. This announcement comes following an initial public offering (IPO) prospectus last August.
The company’s IPO will comprise a public issue of 165.47 million new shares, representing approximately 26% of its enlarged issued share capital. Of these shares, 31.81 million shares will be made available for application by the Malaysian public with 22.26 million shares to be available for eligible directors, employees and business associates who have contributed to its success.
Another 31.88 million shares will be made available through private placement to selected investors and the remaining 79.52 million shares will be available through private placement to identified bumiputra investors approved by the International Trade and Industry of Malaysia.
Oppstar’s executive director and chief executive officer Ng Meng Thai commented that the approval will allow them to embark on the next phase of growth as the continuing evolution in technology and shortening of the product development cycle will see IC designs are getting more advanced and complex.
“With the experience and talents that we have, we are confident that Oppstar will benefit in this technological trend and industry demands. We believe that the IPO exercise will help us to speed up our expansion plans and increase our presence in the IC design industry by enabling us to raise funds for our business expansion.”
"We have a few expansion plans in the pipeline, which will further reinforce our position in this industry and even be the catalyst for our business in the future," he added.