Vanzo Holdings Bhd. (Vanzo) commenced trading on the ACE Market of Bursa Malaysia Securities Berhad at 17.5 sen per share, a premium of 2.5 sen or 16.7 percent compared to its initial public offering (IPO) price of 15 sen per share. Vanzo successfully raised nearly RM21 million from its IPO, with the gross proceeds of RM14 million from the public issuance allocated to Vanzo. Vanzo's Executive Director and Managing Director, Allan Wong, said that Vanzo will use 47.2 percent or RM6.
6 million of the proceeds to fund business expansion and marketing activities. Additionally, 21.4 percent or RM3 million will be used to repay bank loans. The remaining proceeds will be used as working capital and to cover listing-related expenses. Through its subsidiaries, Vanzo is primarily involved in the design, marketing, and sale of air freshener products and related fragrance products. Currently, the company has six retail kiosks in Malaysia, five of which are located in shopping malls in the Klang Valley and one in Kuching, Sarawak. Going forward, Vanzo plans to strengthen its market presence by expanding its retail kiosk network throughout Malaysia. Therefore, Vanzo plans to establish four new retail kiosks in the Northern, Central, or Southern regions of the Peninsular Malaysia, and one in East Malaysia. Vanzo has provided a strategy and plan to maintain and develop its business, including further strengthening the brand through investment in marketing and promotional activities and expanding Vanzo's product portfolio. In addition, the company also intends to increase its distribution reach by developing its sales channels
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