PETALING JAYA: Mega Fortris Bhd has signed an underwriting agreement with RHB Investment Bank Berhad and AmInvestment Bank Bhd in conjunction with its initial public offering (IPO) on the Main Market of Bursa Malaysia.
In a statement, the security seal specialist said it will undertake an IPO of up to 295.74 million shares.
With this, the IPO shall entail the public Issue of 147.87 million new shares, representing approximately 17.50% of the company’s enlarged issued share capital.
A total of 42.25 million issue shares, representing 5% of the enlarged issued share capital are reserved for the Malaysian public via balloting, of which 21.13 million issue shares will be set aside for Bumiputera investors.
Whereas 25.35 million issue shares, representing 3% of the enlarged issued share capital will be made available for application by eligible persons.
The joint underwriters will underwrite the retail offering of 67.60 million issue shares, representing 22.86% of the total IPO shares.
Additionally, 38.02 million issue shares will be made available for application by way of private placement to identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry, while the remaining 42.25 million issue shares will be allocated to institutional and selected investors through private placement.
Mega Fortris is expected to be listed in the fourth quarter of 2024.
RHB Investment Bank is the IPO’s sole principal adviser, joint underwriter and joint placement agent; whilst AmInvestment Bank serves as the joint underwriter and joint placement agent for the IPO.