KUALA LUMPUR (Aug 28): ACE Market-bound Mercury Securities Group Bhd, which launched its prospectus on Monday (Aug 28), aims to raise RM39.27 million via the issuance of 157.09 million shares at an issue price of 25 sen per share from its initial public offering exercise (IPO).
The stockbroking firm said RM26.86 million of the proceeds will be allocated to develop Mercury Securities’ margin financing facility services, while RM2.88 million will be used to enhance the group's digitalisation programme and marketing activities for its stockbroking business and operations.
The group will also allocate RM4.63 million for working capital, while the remaining RM4.90 million will be used to cover estimated listing expenses.
Mercury Securities is scheduled to be listed on the ACE Market of Bursa Securities on Sept 19.
“We will be the first stockbroking company to seek and gain an IPO listing on Bursa in the last 20 years. As we embark on this new chapter, I wish to thank our talented and dedicated team, and also our clients, new and old, as well as the ones we have yet to welcome. The capital market is ever-evolving, and Mercury Securities will endeavour to likewise, and for the better,” said managing director of Mercury Securities Chew Sing Guan at the group’s prospectus launch here on Monday.
Pursuant to the launch of the prospectus, applications for the public issue are open from Monday, and will close on Sept 5 at 5pm.
Upon its listing on the ACE Market, Mercury Securities would have a market capitalisation of RM223.25 million, based on the issue price of 25 sen per share and an enlarged issued share capital of 893 million shares.
Public Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO exercise.