KUALA LUMPUR: Eco World International Bhd (EWI) has launched its prospectus for its Initial Public Offering (IPO) kicking off with the retail offering, which commenced today and will close on March 20.
EWI expects to issue up to approximately 2.153 billion new shares. The retail offering, which comprises 408 million IPO shares, will represent 17 per cent of the enlarged issued and paid-up share capital of EWI post-listing.
EWI has rcently signed three key agreements as part of its IPO process; a share subscription with GuocoLand Limited for a 27 per cent stake in EWI's enlarged issued and-paid up capital, a retail underwriting agreement with six banks for retail offering and cornerstone placement agreements with the Employees Provident Fund Board, Permodalan Nasional Bhd and Kumpulan Wang Persaraan (Diperbadankan).
The three cornerstone investors have agreed to subscribe for 212.4 million shares in aggregate.
Projects currently being undertaken by EWI include three sites in the United Kingdom through its joint-venture company, Eco World-Ballymore, developing three waterside projects.
EWI is also developing a project in Australia called West Village in Parramatta in the metropolitan area of Sydney.
The total estimated gross development value of all four projexts is about RM12.96 billion.
With the IPO, EWI is eyeing to raise gross proceeds of up to approximately RM2.6 billion whereby part of it will be used to fund the development of the four projects.