KUALA LUMPUR (Sept 24): Shah Alam-based fibreglass-reinforced plastic manufacturer WF Holding Ltd has filed for listing on Nasdaq to raise up to US$10 million (RM42 million) via an initial public offering (IPO) in the US.

WF Holding filed with the US Securities and Exchange Commission for the IPO on Monday, to raise the funds to expand its production capacity, grow and upskill its workforce, and fund its working capital.

The proposed IPO involves a public issue of two million new shares at between US$4 (RM16.80) and US$6 (RM25.20) per share, representing up to 8% of its enlarged share base.

At the midpoint of the proposed IPO price range, WF Holding would command a market capitalisation of US$124.75 million (RM523.95 million).

WF Holding said in a statement it plans to procure another two-acre factory with a production space of around 40,000 feet, which will "increase our current production floor capacity by 150%".

"We also plan to increase our workforce by adding an additional 50 workers,” it said.

WF Holding’s chief executive officer Lew Chee Hoong and brother Lew Chee Seong hold a 74.96% stake in the company via Lew Capital Private Ltd.

Their mother, Lim Yew Chean, holds another 5.88% stake in WF Holding through LYC Capital Private Ltd.

Among those on the board of directors of WF Holding include independent director Datuk Lua Choon Hann, who is also group executive vice chairman of Bursa-listed PRG holdings Bhd (KL:PRG); as well as former deputy minister of finance Datuk Lee Chee Leong.

WF Holding's wholly owned subsidiary Win-Fung Fibreglass Sdn Bhd was incorporated in Malaysia on March 28, 1984.  

The company has manufactured fibreglass-reinforced plastic products for three decades, catering for industries such as chemical processing, water and wastewater treatment, and power generation.

These products include filament wound and moulded tanks, thermoplastic tanks, lining products, ducting and fitting products, air pollution control equipment, and custom-made products. It also offers installation and maintenance services for its products.

WF Holding was incorporated as a Cayman Islands exempted company on March 7, 2023. Win-Fung became WF Holding’s wholly owned subsidiary after the two parties completed a corporate reorganisation on June 21, 2023, the statement said.

The company has filed to list its ordinary shares on the Nasdaq Capital Market under the symbol “WFF”. Pacific Century Securities LLC is the sole bookrunner on the deal.