KUALA LUMPUR (Jan 15): Grand Venture Technology Ltd (GVT), a Singapore homegrown manufacturing solutions and services provider, plans to raise S$13.2 million through its listing on Singapore's Catalist board on Jan 23.

In a statement today, GVT said the proceeds would go towards investing and enhancing operational and engineering capabilities, expansion, to repay bank borrowings and for working capital.

Under the initial public offering (IPO), it will issue 42.9 million new shares and 5.1 million cornerstone shares at S$0.275 each. Out of the 42.9 million new shares in the IPO, 800,000 shares will be offered to the public and 42.12 million shares to be placed out to selected investors.

Meanwhile, Sunshine Power Pte Ltd, an investment vehicle held in trust for CLSF LLP, has entered into a cornerstone subscription agreement with GVT to subscribe for 5.1 million shares at the invitation price of S$0.275 each.

GVT's post-IPO market capitalisation is expected to be S$64.4 million.

CIMB Bank Bhd, Singapore branch is the sponsor and issue manager for the IPO and CGS-CIMB Securities (Singapore) Pte Ltd is the underwriter and placement agent.