From left: Mohd Fadzil Mohd Daud, executive director of TechStore; Tan Hock Lim, managing director; Datuk Bill Tan, managing director of M&A Equity Holdings; and Gary Ting, head of corporate finance of M&A Securities
KUALA LUMPUR: Enterprise IT services provider TechStore Bhd has entered into an agreement with M&A Securities Sdn Bhd, a unit of M&A Equity Holdings Bhd
, for the underwriting of 50 million new initial public offering (IPO) shares made available to the Malaysian public and eligible parties under pink form allocations .
TechStore's IPO on the ACE Market of Bursa Malaysia, comprises a public issuance of 125 million new shares, representing 25% of its enlarged share capital, as well as an offer for sale of 25 million existing shares, or 5% of its enlarged share capital.
There will be an allocation of 25 million shares to the Malaysian public while 25 million will go towards eligible directors, employees and persons who have contributed to the success of TechStore.
Additionally, 62.5 million shares will be offered by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti) while the remaining 12.5 million shares will be offered by way of private placement to selected investors.
TechStore is an enterprise IT services provider specialising in IT security and automation solutions, currently driving significant advancements in the transportation sector.
“The enterprise IT services industry is a key driver to Malaysia’s digital transformation, providing essential infrastructure and solutions that enable businesses to thrive in a rapidly evolving digital economy.
"At TechStore, we are dedicated to enhancing operational efficiency and supporting businesses in their digital journeys. Our goal is to empower businesses with the tools they need to stay competitive and resilient in the digital age," said TechStore managing director Tan Hock Lim in a statement.
TechStore is scheduled to be listed on the ACE Market by February 2025, with M&A Securities as the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise.
