MASTER TEC Group Bhd is set to debut on the ACE Market on January 29, 2024, with an initial public offering (IPO) priced at 39 sen per share.

The wires and cables manufacturer aims to raise RM61.66 million, with an indicative market capitalisation of RM397.8 million post-listing. 

The IPO includes a public issue of 158.10 million new shares and an offer-for-sale of 127.5 million existing shares, constituting 28% of Master Tec’s enlarged issued share capital of 1.02 billion ordinary shares.

The proceeds are earmarked for capital expenditure, focusing on the construction of new MV power cable manufacturing plants and the acquisition of machinery and equipment. 

Of the targeted funds, 27.22% (RM16.783 million) will be allocated for the new manufacturing plants, 39.55% (RM24.387 million) for machinery and equipment, 26.42% (RM16.29 million) for general working capital, and 6.81% (RM4.2 million) for estimated listing expenses. – TMR