KUALA LUMPUR: Topmix Bhd expects to raise RM25.6 million through its upcoming initial public offering (IPO) exercise on the ACE Market of Bursa Malaysia.
The total surface decorative products company said of the total raised, 44.2 per cent or RM11.3 million, will be earmarked for general working capital, it said in a statement.
The company said that RM6 million will be allocated towards business expansion, marketing, and sales, including establishing a new sales office and expanding warehouse capacity.
It also plans to allocate RM5.3 million to expand into the assembly of melamine-faced chipboard (MFC) products, and the remaining RM3.0 million will be allocated towards defraying listing expenses.
Topmix managing director Teo Quek Siang said demand for surface decorative products is growing in popularity as they are durable, cost-effective, have a long shelf life, and enhance the aesthetic appeal of interior spaces.
"Our upcoming IPO will enable us to accelerate our expansion plans and further strengthen our market presence in the industry," he noted.