Malaysia's CTOS Digital announces RM1.2b IPO launch
[KUALA LUMPUR] Malaysian credit reporting firm CTOS Digital on Wednesday announced plans to launch its RM1.2 billion (S$388.5 million) initial public offering (IPO), the country's biggest listing for the year so far.
The company said at the launch of its prospectus that it expects to list on the Malaysian bourse on July 19.
The listing would entail a public issue of 200 million new shares and an offer-for-sale allocation of 900 million existing shares, priced at RM1.10 each, the firm said.
It said it planned to use RM220 million in the IPO proceeds to repay bank borrowings, investments and acquisition, and defray listing fees and expenses.
The firm has earmarked RM56 million for future acquisitions and has "identified some targets... both local and offshore," CTOS chief executive officer Dennis Martin told reporters.
As reported by Reuters earlier, 23 cornerstone investors have signed on to the company's public market debut, including AIA Group, Aberdeen Standard Investments and two of Malaysia's largest government-linked funds.
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The listing is the largest since Mr DIY Group's RM1.5 billion IPO last year. Both Mr DIY and CTOS come from private equity firm Creador's stable.
REUTERS
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