PETALING JAYA: Aemulus Holdings Bhd is looking to list on the ACE Market of Bursa Malaysia and will use the proceeds from its proposed initial public offering (IPO) for research and development (R&D) expenditure and working capital. In a draft prospectus exposure on the Securities Comission website, the semiconductor tester firm said the fund raised will also used to purchase property, plant and equipment as well for marketing, branding and promotion. Aemulus' IPO involves the public issue of 87.79 million new shares, of which 21.94 million shares for Malaysian public, 13.17 million for eligible directors, employees and business associates and 52.68 million for private placement. There will also be an offer-for-sale of 43.89 million shares via public placement. Aemulus is involved in the design, engineering and development of automated test equipment (ATE). Most of its customers are large multinational semiconductor manufacturers and semiconductor test and assembly companies. It is focusing on further export penetration into the USA and China, which are among the key markets for consumer electronics. Its current export markets include Singapore, China, USA, South Korea, Philippines, Thailand, Germany and Hong Kong. Aemulus plans to upgrade its existing products, introduce new ATE, set up a new tester research laboratory to intensify and enhance R&D activities and expand its geographical presence. Aemulus was co-founded by Yeoh Chee Keong and Ng Sang Beng, whereby the latter will be the group CEO. For FY14, its net profit surged by eight-fold to RM8.03 million versus RM1.0 million in FY13. The Malaysian market made up 36.81% of the group's topline for FY14.