KUALA LUMPUR: WF Holding Ltd, a fiberglass-reinforced plastic (FRP) producer based in Shah Alam, has filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) to raise up to US$10 million.
The company aims to list on the Nasdaq, offering two million shares priced between US$4 and US$6, as outlined in its prospectus published on the SEC's website.
With over 30 years of experience, WF Holding specialises in manufacturing high-quality, durable FRP products.
Its solutions cater to various industries, including chemical processing, water and wastewater treatment, and power generation.
WF Holding plans to increase its production capacity by procuring an additional 0.8-hectare factory with a production space of around 40,000 square feet, which would boost its current production floor capacity by 150 per cent.
"We also plan to increase our workforce by adding an additional 50 workers and we plan to acquire a new hostel to house such workers in accordance with local requirements for worker accommodations.
"We plan to use 25 per cent of the net proceeds from this offering to finance the acquisition of the two-acre factory, and 11 per cent to fund the hiring of additional workers.
"As of the date of this prospectus, we have not entered into any letter of intent, agreement or other undertakings for the foregoing plans," it said.
The company also plans to expand its product offerings by various methods.
It plans to acquire a multi axil winder and a specialised machine as well as venture into fiberglass reinforced plastic (FRP) filter housing business.
"We also plan to design and certify our own air movement and control association (AMCA) dampers (zero leak) for the air pollution industry.
"We may also expand our product offerings through acquisitions of businesses or companies that complement our product offerings.
"As of the date of this prospectus, we have not identified any specific acquisition targets or entered into any letter of intent, agreement or other undertakings for such planned acquisitions," it noted.
WF Holding said it will continue to look for opportunities to expand into new markets, namely the oil and gas industry.
The company also intends to expand further in Australia.