Eversendai plans to use RM126 million of the net proceeds from the issue shares as capital expenditure for its fabrication yards in India and Malaysia.
STEEL contractor and fabricator Eversendai Corp Bhd has filed a preliminary prospectus for an initial public offering (IPO) of around RM300 million.
In its draft prospectus filing to the Securities Commission, Eversendai said it will offer 232.2 million shares of 50 sen each. This represents 26 per cent of its enlarged share capital.
Maybank is sole adviser, underwriter and bookrunner. It has agreed to underwrite 30.15 million shares to be made available for subscription by the public.
Eversendai plans to use RM126 million of the net proceeds from the issue shares as capital expenditure for its fabrication yards in India and Malaysia.
Another RM80 million will go for business expansion.
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