Liftech Targets RM23 Mln From ACE Market IPO
KUALA LUMPUR, June 8 (Bernama) -- Liftech Group Bhd aims to raise RM23 million through its initial public offering (IPO) for its proposed listing on the ACE Market of Bursa Malaysia Securities Bhd on June 30, 2026.
The industrial lifting and handling equipment specialist said in a statement today that it plans to utilise RM13.8 million, or 60 per cent of the IPO proceeds to repay bank borrowings undertaken to finance the acquisition of operational facilities in Bukit Minyak, Penang and Kota Kinabalu.
It said a further RM1.7 million will be allocated for the purchase of machinery and equipment for its Taiping factory, RM1.0 million for renovation and upgrading works, RM2.0 million for working capital, and RM4.5 million for estimated listing expenses.
“The facilities will enhance Liftech’s presence in northern Peninsular Malaysia, Sabah and Sarawak and are expected to support the company’s future growth plans,” it said.
Managing director Bernard Ng said the repayment of borrowings would strengthen the company's balance sheet and provide greater financial flexibility.
"The Bukit Minyak and Kota Kinabalu facilities have strengthened our market presence and enhanced our ability to serve customers across key growth regions.
"The repayment of these borrowings will improve our financial position and support our long-term expansion plans as a listed company," he said.
Under the IPO, Liftech will issue 79.2 million new shares and offer 15.8 million existing shares for sale, representing 25.2 per cent and 5.0 per cent of its enlarged share capital of 314.9 million shares.
Of the new shares, 15.8 million shares will be made available to the Malaysian public through balloting, 7.2 million shares to eligible directors and employees, 39.4 million shares to bumiputera investors approved by the Ministry of Investment, Trade and Industry, and 16.8 million shares to selected investors via private placement.
At an IPO price of 29 sen per share, Liftech is expected to achieve a market capitalisation of RM91.3 million upon listing, it said.
The IPO is open for subscription until June 16, while the company's listing on the ACE Market is tentatively scheduled for June 30, 2026.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO, while Wyncorp Advisory Sdn Bhd is the corporate finance adviser.
-- BERNAMA