Nova Wellness launches prospecus with total IPO of up to 81.66 million new shares

KUCHING: Nova Wellness Group Bhd (Nova Wellness), involved in the nutraceutical industry in Malaysia, launched its prospectus yesterday in conjunction with the Company’s proposed listing on the ACE Market of Bursa Malaysia Securities Bhd (Bursa Securities).

Nova Wellness’ Initial Public Offering (IPO) involves a total offering of up to 81.66 million new ordinary shares of RM0.55 each, comprising; 16 million IPO shares available for the Malaysian Public; 15 million IPO shares available for application by eligible directors, employees and business associates; and 50.66 million IPO shares available for application by way of private placement to identified investors.

Managing director and chief research officer of Nova Wellness, Phang Nyie Lin shared, “The success of Nova Wellness thus far is attributed to the combination of hard work and perseverance of everyone at the company from my fellow Board of Directors and Management, as well as our dedicated team of staff.

“We believe that this IPO will create opportunities for us engage with a broader network of potential business partners in order to enhance the Company’s business and market presence.”

Through its Public Issue, Nova Wellness aims to raise total gross proceeds of RM44.91 million, of which approximately 36.74 per cent of the proceeds will be utilised for the construction of a new GMPcompliant production facility, and approximately 25.83 per cent will be utilised for research & development activities.

Approximately 11.13 per cent of the proceeds will be utilised for the expansion of the Company’s retail market presence. A further 20.51 per cent of the proceeds will be utilised as working capital, and the balance of approximately 5.79 per cent will be utilised to defray estimated listing expenses.

“We would like to take this opportunity to thank Bursa Securities and the Securities Commission for granting us their approval to proceed with this listing exercise.

“On top of that, our greatest appreciation to Kenanga Investment Bank Berhad, who is the Principal Adviser, Sponsor, Underwriter and Placement Agent, for their invaluable guidance and support throughout this IPO,” Phang added.

Group managing director of Kenanga Investment Bank Bhd, Datuk Chay Wai Leong commented, “We are pleased to have been appointed the Principal Adviser, Sponsor, Underwriter and Placement Agent for this exercise.

“As one of Malaysia’s players in the nutraceutical industry, we are confident the proceeds from this exercise will create further opportunities for Nova Wellness to meet its goals of helping to enhance health and wellness of its customers.”