ACE Market-bound BWYS aims to raise RM56.4mil from IPO
KUALA LUMPUR: BWYS Group Bhd aims to raise RM56.4 million from its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.

The sheet metal products manufacturer and scaffoldings supplier said the IPO, scheduled for July 22, comprises a public issuance of 256.3 million new ordinary shares, representing 25 per cent of its enlarged share capital, as well as an offer for sale of 100 million existing shares, or 9.8 per cent of its enlarged share capital, by way of private placement to selected investors.

"Based on the IPO price of RM0.22 per share and its enlarged issued shares of 1,025.2 million shares, BWYS’ market capitalisation upon listing is approximately RM225.5 million,” it said in a statement today, in conjunction with the launch of the company’s prospectus.

Out of the 256.3 million issue shares, 51.3 million will be offered to the Malaysian public through a balloting process, 61.5 million to eligible directors, employees, and contributors of the company via pink form allocations, 128.2 million to Bumiputera investors via private placement, and 15.4 million to selected investors via private placement.

BWYS managing director Kang Beng Hai said most of the IPO proceeds will be used to set up a new factory to expand its manufacturing facilities for sheet metal products.

"In addition, we are purchasing new machinery and equipment including a new automated powder coating line as well as roll-forming machines and related equipment to improve our manufacturing capabilities for roof trusses and industrial racking systems,” he said.

Kang said the company is also expanding its product range by venturing into the manufacture of polyurethane foam sandwich panels, which offer insulation from heat and noise, and also implementing information and communications technology systems to digitalise its production and inventory management processes to improve its production workflow.

Following the prospectus launch, the company said the applications for the public issue are open from today and will be closed on July 5, 2024, at 5 pm.

M&A Securities Sdn Bhd is the IPO’s principal adviser, sponsor, underwriter and placement agent. - Bernama
Markets,BWYS Group,ACE Market,IPO,Listing,sheet metal products,Kang Beng Hai
KUALA LUMPUR: BWYS Group Bhd aims to raise RM56.4 million from its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.