Thursday 21 Nov 2024
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KUALA LUMPUR (Oct 9): 3REN Bhd (KL:3REN), an automation solutions and engineering services company, has set its initial public offering (IPO) price at 28 sen per share to raise some RM30.8 million at its upcoming ACE Market listing.

Based on its prospectus launched on Wednesday, 62.3% of the proceeds are allocated for its business expansion and operational requirements.

The proposed IPO involves a public issue of 110 million new shares and an offer for sale of up to 45 million existing shares, according to the prospectus launched on Wednesday.  

The offer will close on Oct 23, and the listing has been scheduled for Nov 6.  

The company is allocating 32.5 million new shares to the public, 30 million shares for eligible persons, and 3.8 million shares to Bumiputera-approved investors through private placement.   

“Looking towards the horizon, we see immense potential for growth as the global semiconductor industry is set to continue expanding well into the next decade, driven by emerging technologies such as artificial intelligence, 5G adoption along with the Internet of Things,” 3REN executive director and chief executive officer Koh Dim Kuan said in a statement.

“The company's listing on the ACE Market will undoubtedly serve as an effective platform for the group as it embarka on its next chapter of growth," he added.  

3REN is principally involved in the provision of automation solutions and engineering services which encompasses the design, development and sale of digitalised solutions and automated equipment, as well as provision of product engineering services and engineering support services for integrated circuit development, assembly and testing.   

The group's products/services cater to various segments of the semiconductor, electronics and manufacturing industry value chains. 3REN has global regional exposure outside Malaysia with presence in countries such as Thailand, Singapore, the US, China, Vietnam, Philippines, Canada, Costa Rica, India, Mexico and Taiwan.

KAF Investment Bank Bhd is the adviser, sponsor, underwriter and placement agent for the IPO.

Edited ByIsabelle Francis
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