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Mercury Securities to raise RM39mil from ACE Market IPO

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The stockbroking firm intends to offer a public issue of 157.09 million new shares at 25 sen apiece.

PETALING JAYA: Stockbroking firm Mercury Securities Group Bhd aims to raise RM39.27 million from its initial public offering on Bursa Malaysia’s ACE Market on Sept 19.

Proceeds generated from the IPO will primarily be allocated towards the expansion of the company’s margin financing services, with RM26.86 million earmarked for this purpose. Meanwhile, the company has allocated RM4.63 million for operational funding, and the remaining RM4.90 million will be utilised to address anticipated costs related to the listing process.

During the group’s prospectus launch today, managing director Chew Sing Guan said that Mercury Securities is poised to become the first stockbroking firm in 20 years to undertake an IPO listing on Bursa.

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