KUALA LUMPUR (Feb 02) — Revenue Group, a Malaysian cashless payment solutions provider, is seeking to sell 72.43 million shares under an initial public offering for a listing on the ACE Market.

Under the proposed IPO, Revenue Group plans to sell 55.71 million new shares, out of which 11.14 million shares has been set aside for retail tranche, according to the draft prospectus.

A total of 11.14 million shares will be for eligible directors and employees, while 33.43 million shares will be privately placed to selected investors, it said. The company also plans to sell 16.71 million existing shares by way of private placement.

Company plans to use proceeds from the IPO to fund capital expenditure, enhancement of revPAY and expansion of IT team, repayment of bank borrowings, business expansion to ASEAN markets and working capital, the prospectus showed. “We plan to purchase new digital EDC (Electronic Data Capture) terminals with capability to accept QR Payment to increase our deployment of EDC terminals to physical store merchants,” said company.

M&A Securities has been appointed as the adviser, sponsor, underwriter, placement agent for the IPO. 
– By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
– Edited By Lopamudra Bhattacharya
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