OTS Holdings has launched its IPO of 41 million invitation shares at 23 cents per invitation share on June 8.

The group expects to raise gross proceeds of $9.43 million. Of the net proceeds of $7.90 million, OTS Holdings will receive some $6.56 million.

The invitation shares comprise 1 million public offer shares at 23 cents apiece by way of a public offer in Singapore.

The remaining 40 million shares at 23 cents each has been reserved for subscription and, or purchase by the management and employees of the group, as well as business associates and others who have contributed to the business.

The public offer opens at 6pm on June 8 and closes at 12pm on June 15.

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OTS Holdings’ shares are expected to commence on a “ready” basis at 9am on June 17.

SAC Capital is the sponsor, issue manager, underwriter and placement agent for the IPO.

“This IPO listing is an important milestone for OTS Holdings, accelerating our growth strategy that involves greater regional presence and diversification through new products such as plant- based food products,” says Ong Bee Chip, the managing director of OTS Holdings.

“Along with our team, I am excited about the opportunities we have ahead of us and we look forward to welcoming new investors to join us on the next phase of OTS Holdings’ journey as a brand builder in Asia’s consumer markets.”

Photo: OTS Holdings