Thursday, Sep 16, 2021
International Finance
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CTOS Digital launches $290 mn IPO in Malaysia

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The latest listing would entail a public issue of 200 mn new shares and an offer-for-sale allocation of 900 mn existing shares

Credit reporting platform CTOS Digital has launched a $290 million IPO in Malaysia which will entail a public issuance of 200 million new shares and an offer-to-sale for 900 million existing shares, according to media reports. It is said to be the country’s biggest listing so far and during the time of the announcement, the company mentioned that they expect to list the Malaysian bourse on July 9.

The credit platform also plans to use RM220 million in the IPO proceeds which will help repay the debts it owes to banks, investments, acquisitions, while defraying listing fees and expenses.

CTOS CEO Dennis Martin told the reporters that the firm has earmarked RM56 million for future acquisitions and has identified some local and offshore targets. 23 cornerstone investors have signed on to the company’s public offering debut that includes names like AIA Group, Aberdeen Standard investment, and two of Malaysia’s largest government-linked funds.

The listing is also said to be the largest since Mr DIY Group’s IPO listing of RM 1.5 billion last year. Reports suggest that both the companies are a part of private equity firm Creador.

Last year, CTOS Digital acquired CIBI Information in the Philippines and also owns a 20 percent stake in Thailand’s Business Online Public Company Limited. According to media reports, Martin, in an email mentioned that Creador and the founders are selling half of their stakes on a pro-rata basis.

Image credits- The Star

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