OB Holdings Bhd debuted on the ACE Market of the Bursa Malaysia Securities Bhd at 25 sen, a premium of one sen over its IPO price of 24 sen.
The group previously mentioned that it aims to raise RM28.8 million through the IPO with a majority allocated to fund the group's expansion plans. Specifically, RM14.9 million (51.74%) will be used to repay bank borrowings incurred from the construction of the new Serendah factory. RM5 million (17.36%) is earmarked for the purchase of new machines, while RM0.9 million (3.12%) will be used to set up a new laboratory in the new Serendah factory and undertake the clinical trial for the Bonlife SachaQ10 Plus Softgel.
The remaining funds it said will be utilised for general operational purposes, including RM1 million (3.47%) for marketing and advertisement activities, RM3 million (10.42%) for working capital and RM4 (13.89%) million to cover IPO-related expenses.
Alliance Islamic Bank is the principal advisor, sponsor, sole underwriter and placement agent for the group's IPO exercise.
MORE TO COME