Techbond inks IPO underwriting agreement with Public Investment Bank

KUALA LUMPUR: Techbond Group Bhd has inked an underwriting agreement ( UA) with Public Investment Bank Bhd ( PIVB) for its initial public offering ( IPO) exercise en route to its listing on the Main Market of Bursa Malaysia Securities Bhd ( Bursa Securities) by year- end.

In a statement yesterday, Techbond, an industrial adhesives and sealants manufacturer, said PIVB will underwrite a total of 17.20 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.

“The IPO exercise involves the issuance of 60.11 million new shares, where 11.50 million shares will be available to the public, six million to eligible directors, employees and selected contributors to the company.

“A total of 23 million shares will be made available to Bumiputera investors via private placement, while the remaining 19.61 million shares reserved for selected investors,” it said.

Techbond said PIVB would be the sole underwriter for the IPO, and also the principal adviser and sole placement agent.

Managing Director Lee Seng Thye said the agreement not only showed PIVB’s confidence in Techbond but also took the company a step closer towards listing on the Main Market of Bursa Securities.

“Tapping into the capital market will help accelerate our growth plans of expanding our operations in Malaysia and Vietnam, as we look to capture new markets and expand 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,” he added. — Bernama