Nova Wellness appoints Kenanga Investment as underwriter for IPO

KOTA KINABALU: Nova Wellness Group Bhd (Nova Wellness), involved in the nutraceutical industry in Malaysia, has signed an official underwriting agreement recently with Kenanga Investment Bank Berhad (Kenanga Investment) for its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd (Bursa Securities).

Kenanga Investment will act as the Company’s principal adviser, underwriter and placement agent for the IPO.

Managing director of Nova Wellness, Phang Nyie Lin expressed, “We are excited to embark on this IPO journey to pursue greater heights for the Company, whilst being mindful of our responsibilities as a publicly listed entity.

“I believe that with our listing status, we will be provided with the needed financial impetus and the ability to enhance our market presence in order to achieve our business objectives. We are also pleased to have Kenanga Investment working with us as to see through that the IPO progresses smoothly.”

Nova Wellness was co-founded by managing director cum chief research officer, Phang Nyie Lin together with his wife, Tan Sok Mooi in 1989.

The company, through its subsidiary, Nova Laboratories is principally involved in the development, production and sales of nutraceutical and skincare products under its house brands, and Original Equipment Manufacturers (OEM) of nutraceutical products.

Nutraceuticals are products derived from food sources that provide health benefits on top of its basic nutritional value, and some examples include dietary supplements, health supplements and functional food. To date, Nova Wellness has successfully developed 144 product formulations with 88 products sold locally and overseas under its house brands, namely Nova, ActivMax, Sustinex, Novavis, and SP8.

Meanwhile, under its OEM services, Nova Wellness has developed 88 product formulations with 74 products manufactured for its OEM customers.