Eplas Global Bhd, which sells houseware products, filed for an initial public offering (IPO) on the ACE Market to raise funds to set up manufacturing operations.

The proposed IPO involves a public issue of 90 million new shares and an offer for sale of 36 million existing shares at a price to be determined later, according to its draft prospectus. All in all, the listing would offer investors up to 28% in the Penang-based company.

“We intend to vertically integrate our business by setting up manufacturing operations at our Bukit Minyak warehouse,” Eplas said. The expansion into manufacturing would give the company control over the supply, reducing reliance on third-party manufacturers and suppliers, it noted.

Eplas currently markets, distributes, and retails products ranging from water bottles to kitchenware and bakeware, and from cleaning tools to baby products and gardening products. The company distributes its products to retailers, such as department stores and home improvement stores.

The company also sells directly to consumers through third-party e-commerce platforms, as well as its own online store. Last year, Eplas raked in a net profit of RM10.92 million, on revenue of RM46.78 million.

Under the IPO’s public issue, Eplas is allocating 22.5 million new shares to the Malaysian public and 4.5 million shares for eligible persons. The company is also setting aside 56.25 million shares for Bumiputera investors and 6.75 million new shares to select investors through private placement.

Proceeds raised from the public issue will also go towards funding working capital for the manufacturing operations, including for purchase of raw materials, staff costs, training and development cost, and operating expenses.

A portion of the proceeds have also been earmarked as repayment of bank borrowings, and to meet working capital requirements for current operations. The rest will be used to defray estimated listing expenses.

Meanwhile, any money raised from the offer-for-sale will accrue entirely to shareholder Tan Wee Hwang, who is letting go of his entire 10% stake in Eplas. Tan is not involved in the operations and not related to the promoters, substantial shareholders, directors and key senior management.

Chief executive officer Ooi Chen Hoon is currently the largest shareholder of Eplas with a 68.43% stake, while his younger brother and chief operating officer Ooi Cheng Loon has 10%.

Tan Sri Tan King Tai — chairman of several listed companies including SWS Capital Bhd , Muar Ban Lee Group Bhd and Focus Dynamics Group Bhd — is also a substantial shareholder of Eplas, with a 8.57% stake.

Malacca Securities is the IPO’s principal adviser, sponsor, underwriter and placement agent.

https://theedgemalaysia.com/node/727396

this also go for IPO?

Yes.
Anything is for listings as long it's fullfil the requirements

Might be good if they can tapaw Tupperware market share. Still need to compete with OEM brand like those from Mr.DIY and ECO.