Signature Alliance looks to raise RM161.2mil from IPO
KUALA LUMPUR: Signature Alliance Group Bhd aims to raise RM161.2 million from its initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia.
Its IPO entails the issuance of 260 million new shares priced at 62 sen a piece, representing 26 per cent of its enlarged share capital.
At 62 sen, Signature Alliance's market capitalisation is projected to be RM620 million.
Of the total proceeds, the company plans to use RM88 million for a new corporate office and production facility in Selangor to increase automation and enhance project delivery.
A total of RM30.1 million will be used for working capital for its interior fitting-out projects, RM20 million is allocated for expansion of branch offices in Penang and Johor, RM4 million will be utilised for the purchase of additional machinery and the remaining RM7.1 million is for listing expenses.
"With the ongoing growth and expansion of our business, we intend to centralise our offices and production activities for the customisation of carpentry/ joinery parts and integral fixtures as well as manufacturing of wooden furniture to improve the overall efficiency of our production process," said its executive director and group chief executive officer Darren Chang.
For the financial year ended Dec 31, 2024 (FY24), the company's net profit more than tripled to RM40.6 million from RM10.4 million.
This was on higher gross profit and net gain on impairment of financial and contract assets. Its revenue more than doubled to RM386 million from RM173.4 million in FY23.
Signature Alliance is scheduled to be listed on June 5.
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