Techbond to raise RM39m via IPO

> Listing will strengthen company’s corporate profile as well as provide a platform for regional growth, says managing director

PETALING JAYA: Industrial adhesives and sealants maker Techbond Group Bhd, en route for a listing on the Main Market of Bursa Malaysia, expects to raise RM39.67 million from its initial public offering (IPO) exercise.

Its managing director Lee Seng Thye said in a statement yesterday that the listing exercise would further strengthen the company’s corporate profile to enhance market awareness of its business as well as provide a platform for its growth regionally.

He said the company would continue to capitalise on its strengths to generate sustainable revenue from its existing businesses.

“We believe our strong fundamentals will put us in good stead, and we are confident that we can deliver commendable performance in the coming years,” he added.

The IPO entails a public issue of approximately 60.11 million new ordinary shares at an issue price of 66 sen per share.

The public share comprises 11.5 million shares that will be made available for application by the Malaysian public, 6 million shares will be available for application by the eligible directors, employees and other persons who have contributed to the company’s success.

Meanwhile, 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 to selected investors.

Application for the public issue will close on Nov 23. The company is slated to be listed on Dec 5.

Based on the issue price, the company will have a market capitalisation of RM151.8 million.