PETALING JAYA: Reservoir Link Energy Bhd is looking to raise RM23.42 million from its intial public offering (IPO) of 88.13 million shares pried at 41 sen per share, the first IPO to take place after the movement control order was implemented by the government.
The IPO shares comprise a public issue of 57.13 million new shares and an offer for sale of 31 million existing shares.
Reservoir Link executive director Thien Chiet Chai said the group intends to use the IPO proceeds to expand its business, improve margins through the purchase of its own well-testing equipment and strengthen its financial position.
Reservoir Link is primarily involved in the provision of oil and gas well-related services which include well perforation, leak repair, testing, wash and cement as well as wireline. The group is also involved in the supply of improved oil recovery chemicals and provision of sand management solutions.
Kenanga Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for this listing exercise.
