KUALA LUMPUR: Coraza Integrated Technology Bhd has signed an underwriting agreement with M&A Securities Sdn Bhd in conjunction with its initial public offering (IPO) on the ACE Market of Bursa Malaysia.

       The company said in a statement that M&A Securities will underwrite a total of 42.8 million new shares made available to the Malaysian public and pink form allocations.

       Coraza is an integrated engineering supporting services provider that is principally involved in the fabrication of sheet metal and precision machined components, as well as the provision of related services such as design and development and value-added sub-module assembly services.

       The company’s listing is scheduled for January 2022. The IPO entails a public issue of 117.8 million new shares in Coraza, representing 27.5% of the enlarged share capital and an offer for sale of 21.4 million existing shares to selected investors by way of private placement.

       Of the 117.8 million new shares, 21.4 million new shares will be made available to the Malaysian public via balloting; 21.4 million new shares for its eligible directors, employees and other eligible persons while the remaining 74.9 million new shares have been earmarked for private placement to selected investors.