Fibromat aims for RM17.8m IPO

KUALA LUMPUR: Fibromat (M) Bhd plans to raise RM17.8 million through its initial public offering (IPO), marking a significant step forward in its expansion journey. The geotechnical and specialist engineering firm is offering its initial price at 55 sen per share. According to its prospectus, the company said it intends to allocate RM7.6 million (42.6 per cent) to acquire new machinery, including two “erosion control blanket” production lines with dust collectors, which will be installed at its factory in Rasa, Selangor.  Fibromat is set to debut on Bursa Malaysia’s ACE Market on May 8.