KLSE:PIONEER

Pioneer Heat Targets to Raise Up to MYR22 Million Via IPO

Pioneer Heat (KLSE:PIONEER) seeks to raise 21.7 million ringgit via an initial public offering on the ACE Market of Bursa Malaysia, according to its Wednesday prospectus.The integrated industrial services provider's IPO comprises a public issue of 86.7 million new shares, as well as an offer for sale of 17.3 million shares at an issue price of 0.25 ringgit per share.Aside from listing expenses, the proceeds will be used for setting up new offices, to purchase machinery, and for working capital requirements.According to a separate same-day filing, the company has opened applications for its IPO on Aug. 12, which will close on Sept. 3.Pioneer Heat is tentatively scheduled to list on Bursa Malaysia on Sept. 17, it said.