$NE (0325.MY)$ any suggestion or recommend

$NE (0325.MY)$
Precision parts manufacturer Northeast Group Bhd has obtained approval from the Malaysian Exchange to conduct its initial public offering (IPO) on the gem.
This means that this Penang-based company has taken another step forward. The group submitted a draft prospectus in March.
Director of Northeast, Ng Chay Chin, said: "With automation becoming more prevalent in various industries, the outlook for precision engineering components is undergoing a significant transformation. Considering that we have been approved for listing, we are prepared for further development."
Northeast raised funds through IPO to expand its business map, including the construction of a new factory costing over 50 million ringgit.
According to the draft prospectus, the IPO involves the public offering of 0.1 billion 68.99 million shares of new shares, as well as the sale of 51.8 million shares by major shareholders, accounting for 30% of the equity.
Among the public offering of 0.1 billion 68.99 million new shares, 37 million shares are available for public subscription, 29.6 million shares are reserved for qualified individuals, and 0.1 billion 2.38 million shares are privately allocated to specific investors and indigenous people. At the same time, the shares sold by major shareholders will be privately allocated to indigenous investors.
The group will use the funds raised through the issuance of new shares to finance the new factory in Penang, with a total floor area of 0.07 million 9020 square feet. Northeast also plans to purchase new computer numerical control machines, which will increase operational capacity by 8.5% to 25%.
Ng said: "Currently, the production area of all our existing factories has been obtained...