Affin Hwang to underwrite Pan Merchant’s ACE Market IPO
The Edge Malaysia - 7 May 2025 View original article
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KUALA LUMPUR (May 7): Solid-liquid filtration solutions provider Pan Merchant Bhd signed an underwriting agreement with Affin Hwang Investment Bank Bhd on Wednesday as part of its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
In a statement, the group said its IPO exercise encompasses a public issuance of 232.2 million new shares and an offer-for-sale of 18 million, representing 27.3% of its enlarged share capital.
Out of the 232.2 million new shares, 45.8 million new shares will be made available to the Malaysian public via balloting, 14.6 million to eligible persons, 114.5 million for Bumiputera investors and 57.3 million for selected investors via private placement.
Meanwhile, the offer-for-sale portion will be offered to selected investors through private placement.
Pan Merchant is targeting to list on the ACE Market in the second quarter of 2025.
“We strongly believe that being listed on Bursa Malaysia will position us with enhanced credibility among customers worldwide for our long-term success and expansion into new regions and industries,” said Pan Merchant managing director Wong Voon Ten.
Pan Merchant is principally involved in the design, manufacture, assembly, delivery and commissioning of filters for solid liquid filtration and the provision of steel works as well as technical support services.
Proceeds from the IPO will be channelled towards capital expenditure, including new machinery, equipment and tools, as well as renovation works of the group’s manufacturing plants to enhance its operational capabilities.
A remainder of the funds will also be allocated for product development, business expansion, working capital and estimated listing expenses.
Affin Hwang Investment Bank is the principal adviser, sponsor, sole placement agent and sole underwriter for the group’s IPO exercise.
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