KUALA LUMPUR: Mobilia Holdings Bhd has signed an underwriting agreement with Kenanga Investment Bank Bhd (Kenanga IB) for its initial public offering (IPO) by March.
Mobilia said Kenanga IB would underwrite a total of 32.0 million new shares made available for the public and its eligible employees, and persons who have contributed to the success of Mobilia and its subsidiaries.
Kenanga IB will also act as the principal adviser, sponsor, underwriter, and placement agent for Mobilia's IPO,
Bursa Malaysia recently approved Mobilia's listing on the ACE Market.
The company is targeting a prospectus launch in the first quarter of 2021 with an IPO comprising a total of 60.0 million new shares and an offer for sale of 40.0 million existing shares.
Mobilia managing director Quek Wee Seng said over the years, the company had exported its products overseas.
"We are immensely proud of the company's growth in the last decade. With the underwriting agreement with Kenanga IB, we are heading closer towards our IPO which will drive us into the next stage of growth by expanding our business capabilities of introducing more range of home furniture as well as expanding our customer base and export markets," Quek said in a statement.
Kenanga IB group managing director Datuk Chay Wai Leong said Mobilia's listing signalled a positive start for the company's growth in 2021.
"We believe that the IPO will enable more opportunities for Mobilia to expand its capabilities and support its growth and long-term plans," Chay added.