KUALA LUMPUR (Oct 2): PEOPLElogy Bhd, which provides consultancy services and training, has filed for an initial public offering (IPO) on the ACE Market to raise funds for expansion and potential acquisitions.
The proposed IPO comprises entirely of public issuance of 105 million new shares at a price to be determined later, according to its draft prospectus. There is no separate tranche for sale of existing shares. All in all, the listing offers investors up to a 25.5% stake in the company.
The company is seeking to improve its cybersecurity, big data and artificial intelligence programmes by establishing a computer simulation lab, PEOPLElogy said. “This will also create a more conducive learning environment for participants and enhance their learning process,” it said.
PEOPLElogy provides organisational talent consultancy and profile assessment services as well as conduct training services and organises events and conferences. The company also sells online learning platforms and digital training systems.
In the year ended Dec 31, 2023, the company made a net profit of RM5.8 million on a revenue of RM24.73 million. The company’s top customer is Yayasan Peneraju which contributed 45% to its revenue last year.
Part of the proceeds are also earmarked for strategic investments and acquisitions opportunities though the company noted that it has yet to identify any prospective target or sign any binding agreements.
“We intend to strengthen our presence in Malaysia by expanding to East Malaysia, particularly in the cities of Kota Kinabalu and Kuching where we plan to establish offices and training centres,” PEOPLElogy said.
Further, the company also has plans to expand its offices and training centres in Indonesia and Philippines plus setting up a regional office in Singapore.
The rest of the proceeds will be used for research and development, as general working capital, and to defray listing expenses.
Under the public issue, the company is allocating 20.59 million new shares for the Malaysian public and 12.35 million for eligible persons. The remainder of the new shares will be set aside for private placement to approved Bumiputera and select investors.
The company was incorporated and was equally owned by Allen Lee and his wife Lim Szu Yee. Post-IPO, Lee will remain as largest shareholder with 24.27% direct stake and another 21.01% indirectly through his private vehicle PEOPLElogists Sdn Bhd and Lim, who will own 4.69% upon listing.
PEOPLElogy is also backed by David Lim, who sits on the board of several listed companies including Press Metal Aluminium Bhd (KL:PMETAL).
Other substantial shareholders are chairman of Hong Kong-listed Infinity Logistics and Transport Ventures Tan Sri Nelson Tan, and Chen Khai Voon that controls substantial shares in Seal Incorporated Bhd (KL:SEAL), Genetec Technology Bhd (KL:GENETEC) and TSA Group Bhd (KL:TSA).
Kenanga Investment Bank is the IPO’s principal adviser, sponsor, underwriter and placement agent.
Source: TheEdge - 3 Oct 2024
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