KUALA LUMPUR (March 28): Shares of Shah Alam-based WF Holding Ltd fell below the initial public offering (IPO) price in their Nasdaq debut on Thursday.
The stock closed at US$3.75, a 6.25% discount from its IPO price of US$4 per share, after raising US$8 million (RM35.42 million) before deducting underwriting fees and expenses. At the closing price, the company had a market capitalisation of US$93.56 million or RM414.19 million.
“Our listing on the Nasdaq is a significant milestone for WF Holding, allowing us to expand our product range, capacity and workforce to meet growing global demand for FRP (fibreglass-reinforced plastic),” WF Holding chief executive officer Lew Chee Hong said in a statement.
WF Holding manufactures FRP products, including tanks, pipes, and ducts, as well as custom-made products.
“We are excited to continue our growth in Malaysia and key international markets like Australia and Singapore,” said Lew. “Our expansion plan includes acquiring existing plants, setting up manufacturing facilities, or strategic partnerships.”
Lew and his 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 through LYC Capital Private Ltd.
WF Holding’s board includes independent director Datuk Lua Choon Hann, who is also the group executive vice-chairman of PRG Holdings Bhd (KL:PRG), and Datuk Lee Chee Leong, a former deputy finance minister of Malaysia.
The company also aims to broaden its product offerings through mergers and acquisitions, in-house product development, and investments in technology and machinery, Lew said.
“We are positioning ourselves to capitalise on growing demand across diverse industries, such as oil and gas, air pollution control systems, and renewable energy,” he added.
Dominari Securities LLC is acting as the lead underwriter, with Revere Securities LLC acting as a co-underwriter for the offering. Bevilacqua PLLC is acting as the company's US counsel, and Crone Law Group is acting as the US counsel to the underwriters in connection with the offering.
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