Aztech Global launches IPO in SGX mainboard

The company aims to raise $297m from the sale of the shares.

The technological unit of Aztech Group, Aztech Global Ltd, has launched an initial public offering (IPO) of 68.12 million shares in the mainboard of the Singapore Exchange Securities Trading Limited.

Each share will be priced at $1.28 cents. A placement 64.62 million will be Offer Shares for investors, including institutional and other investors in Singapore and outside the United States whilst 3.5 million shares will be for the public.

Total gross proceeds is estimated to be at $297m whilst net proceeds will be at $283.7 of which approximately $188.6m will be due to the company.

The funds raised in the IPO will be use to expand and enhance its manufacturing facilities, expansion of investments, mergers and acquisitions, joint ventures and strategic collaboration, enhancement of R&D capabilities, increase sales and marketing channels for overseas markets expansion, and the expansion of the company’s ODM/JDM business to capitalise on opportunities in the growing IoT market.

The Public Offer will close at 12:00 noon on 10 March. The listing and trading of Aztech’s shares is expected to commence on a “ready” basis at 9:00 a.m. on 12 March.