From left: RichTech Digital Bhd executive director Agnes Wong Eei Nien, RichTech managing director Lee Teik Keong, RichTech non-independent non-executive chairman Wong Koon Wai, KAF Investment Bank Bhd chief executive officer Rohaizad Ismail and KAF Investment corporate finance director Yap Chin Fatt.
KUALA LUMPUR: RichTech Digital Bhd has entered into an underwriting agreement with KAF Investment Bank Bhd for its upcoming public offering ahead of its listing on the ACE Market of Bursa Malaysia Securities Bhd.
RichTech, established in 2010, is a provider of electronic reload and bill payment services in Malaysia, powered by its proprietary SRS platform.
In a statement, RichTech said its initial public offering (IPO) will consist of a public issue of 54.66 million new ordinary shares and 25.31 million existing shares under an offer for sale, together representing 39.50% of the company’s enlarged issued share capital.
KAF, in its role as principal adviser, sponsor, underwriter, and placement agent, will underwrite 11.67 million issue shares allocated for the Malaysian public and eligible individuals.
“The partnership with KAF enables us to take our services to greater heights while strengthening our ability to serve the growing market. With the funds raised, we will focus on expanding our SRS platform, enhancing our technological infrastructure, and introducing innovative services to cater to evolving consumer needs,” managing director Lee Teik Keong said.
RichTech will use the IPO proceeds to support growth in its electronic reload and bill payment services. This includes marketing to expand its SRS corporate and end-user base, as well as for general working capital.
A portion of the funds will be used to acquire a new office to consolidate its headquarters and branch under one roof, enhancing corporate profile and operational efficiency. The remainder will cover listing expenses related to its ACE Market debut and support strategic growth initiatives.
