PETALING JAYA: Techbond Group Bhd, which is slated to list on the Main Market of Bursa Malaysia by year end, has entered into an underwriting agreement (UA) with Public Investment Bank Bhd (PIVB) for its initial public offering (IPO) exercise.
Techbond is a developer and manufacturer of industrial adhesives and sealants, as well as a provider of supporting products and services.
PIVB will underwrite a total of 17.2 million shares made available for the Malaysian public, the group’s eligible employees, and other persons who have contributed to the success of the group.
Besides being the sole underwriter for Techbond’s IPO, PIVB is also the principal adviser and sole placement agent for this exercise.
The IPO exercise entails a public issue of 60.11 million new ordinary shares, where 11.5 million shares are available for the Malaysian public, and six million shares for eligible directors and employees who have contributed to the success of the group.
The remaining 23 million shares will be made available for application by way of private placement to bumiputra investors approved by the Ministry of International Trade and Industry and 19.61 million shares for selected investors.
Techbond managing director Lee Seng Thye said tapping into the capital market, will help to accelerate the company’s growth plans of expanding its operations in Malaysia as well as Vietnam, as it looks to capture new markets and expand the existing ones.
“Not only that, we also believe that this listing exercise will enhance our public profile and hopefully further strengthen our financial position in the years to come,” Lee added.