QES aims to raise RM28.8m from ACE market listing

by TMR

QES Group Bhd intends to raise RM28.82 million from its proposed initial public offering (IPO) on the ACE market of Bursa Malaysia.

The listing exercise involves the issuance of 151.66 million public shares at 19 sen apiece and an offer sale of 75.83 million shares.

37.2% or RM10.72 million from the IPO proceeds will be go towards capital expenditure for the distributor of inspection, test and measurement equipment, while 24.3% or RM7 million is to repay bank borrowings, the company’s filing with Bursa Malaysia yesterday noted.

Some RM4.85 million or 16.8% is earmarked for the development of key products, namely the FAVIS, AWPS and AWID products under its manufacturing arm.

QES makes optical inspection equipment, automated handling equipment and advanced wafer measurement systems.

With listing scheduled for March 8, QES will have 758.31 million in outstanding shares and a market capitalisation of RM144.08 million.

The company brought in RM139.63 million in revenue and RM11.85 million in net profit for its 2017 financial period.

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