Eversafe to raise RM17 million via IPO

KUALA LUMPUR: Eversafe Rubber Bhd, which is en route to a listing on the ACE Market of Bursa Malaysia Securities Bhd, intends to raise RM17.28 million through its initial public offering (IPO).
Eversafe is involved in the development, manufacturing and distribution of tyre retreading materials and tyre retreading operations.
The proceeds raised will be used for new manufacturing lines and enhanced automation system (72.8%), establishing intellectual property rights and overseas branding initiative (8.7%), as well as defrayment of listing expenses (18.5%).
The IPO exercise entails up to 78 million of shares comprising 48 million issue shares and 30 million offer shares. Out of the 48 million issue shares, 12.5 million shares will be allocated to the public, 11.5 million shares for Eversafe directors and eligible employees, while 24 million shares by way of private placement to investors.
Out of 30 million offer shares, 6 million shares will be offered to institutional and selected investors by way of private placement and the remaining 24 million shares will be made available by private placement to bumiputera investors.