GEORGE TOWN: Foundpac Group Bhd, en-route to an initial public offering (IPO) on the Main Market this month, will use the funds raised from the listing exercise to expand the company’s overseas market, purchase new machineries, set up a design and development division, and defray expenses incurred for the IPO.
The company said in a press statement that under the listing exercise, 40 million shares will be made available, comprising 18.5 million new shares for the public, 10.5 million new shares for eligible directors, employees and business associates as well as 11 million new shares for application by way of private placement to identified investors.