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choi baccarat(www.vng.app):Volcano aims to raise RM8.75mil from IPO

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,KUALA LUMPUR: Volcano Bhd, a manufacturer of nameplates and plastic injection moulded parts, is expected to raise gross proceeds of RM8.75mil from its initial public offering (IPO) en route to a listing on the ACE Market of Bursa Malaysia.The IPO will involve a public issue of 25 million IPO shares and an offer for sale of 35 million shares at an issue price of 35 sen per share.In a statement issued in conjunction with the launch of its prospectus, Volcano said RM5.55mil of the proceeds will go towards the purchase of machinery and equipment while RM3.2mil will be used for listing expenses."The proceeds from the IPO will go towards acquiring laser-cutting and pick-and-paste machines to improve the efficiency and capability of our nameplate manufacturing process."We are going to purchase additional plastic injection moulding machines to expand the plastic injection moulded parts manufacturing business."Besides the purchase of machinery and equipment, we are also going to expand our factory in Rayong, Thailand as we intend to expand our presence in the E&E and automotive industries in the country," said managing director Daruk Ch'ng Huat Seng.The public issue portion of the IPO will comprise 8.25 million new shares for the Malaysian public, 8.25 million new shares for elible persons and 8.5 million new shares to be offered by way of private placement to identified investors.Volcano's principal markets are in Singapore and Thailand, with foreign markets accounting for more than 95% of its overall revenue in the finanicial year ended Dec 31, 2020.Multinational companies (MNCs) comprise 90% of the sales including some leading brand names such as Bernina, Hewlett Packard, Fisher & Paykel Thailand, Donaldson Thailand, Sharp Indonesia and Panasonic Thailand.TA Securities Holdings Bhd is the principal adviser, sole placement agent, sole underwriter and sponsor in relation to the IPO.
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