KUALA LUMPUR (May 20): LGMS Bhd aims to raise RM45.7 million via its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
In a statement on Friday (May 20), the independent professional cybersecurity firm said at the IPO price of 50 sen per share, LGMS will have a market capitalisation of RM228 million upon listing and raise gross proceeds of up to RM45.7 million.
LGMS has earmarked RM38.2 million for business expansion including the purchase of a new office with larger space (for RM18 million), workforce expansion (RM6.5 million), capital expenditure (RM6 million) and strategic regional expansion (RM7.698 million) into fast-growing markets such as Singapore, Vietnam and Cambodia.
It added that the remaining RM7.5 million is to be used for working capital purposes as well as the defrayment of listing expenses.
According to its IPO prospectus, the IPO entails a public issue of 91.395 million shares, and an offer for sale of 45.6 million shares by way of private placement to identified Bumiputera investors.
The public issue comprises 22.8 million shares available for application to the Malaysian public, 11.4 million reserved for eligible directors and employees as well as persons who have contributed to the success of the group.
It said its share will be listed on the ACE Market on June 8. The group is primarily involved in cyber risk management and compliance, and the provision of digital forensics and incident response services.
UOB Kay Hian is the principal adviser, sponsor, sole underwriter and placement agent for the IPO.
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