IPO Targets Expansion and Technological Advancements in Public Transportation Sector
KUALA LUMPUR, June 12, 2024 - (ACN Newswire) - Go Hub Capital Berhad ("Go Hub" or the "Company"), a key transportation information technology (IT) solutions provider, is pleased to announce the Company's launch of the prospectus for its upcoming initial public offering ("IPO") on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities"). Go Hub prides itself as a key transportation IT solutions provider in Malaysia, focusing on providing tailored IT solutions (encompassing customised software development systems and integration of hardware and software system) with an established track record in the bus and rail segments. Go Hub also extends its offerings to include maintenance and support services as well as terminal management services for the IT solutions that Go Hub delivers to its customers.
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The IPO aims to raise RM37.51 million through the issuance of 107.18 million new shares. The proceeds from the IPO will be primarily allocated to the following:
- Expansion of business operations and enhance operational capabilities, enabling Go Hub to scale up to cater for current projects and to enter new markets.
- Continuous development of innovative solution offerings, focusing on technological applications and solutions that optimise and streamlines operations process flows efficiently.
- Marketing efforts to increase brand visibility and customer engagement through targeted campaigns and industry events.
- General corporate purposes to improve operational efficiencies.
Applications for the IPO have opened starting at 10.00 a.m. today following the Prospectus launch and will close on 20 June 2024.The targeted IPO listing date of the Company on the ACE Market is on 3 July 2024. At the IPO price of RM0.35 per share, Go Hub will have a market capitalisation of RM140.0 million ahead of its debut.
Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub stated, "We are elated to have reached a new milestone with the Prospectus launch today, bringing us a step closer towards becoming a listed entity on the ACE Market of Bursa Securities. Having been in the transportation industry since 2011, our listing is in line with our growth plans and strategies to scale up our operations, expand our solutions offerings and expand our reach overseas. We are optimistic about the future and the opportunities this IPO opens for our company."
Managing Director of Capital Markets of UOB Kay Hian Securities (M) Sdn Bhd, Mr. Tan Meng Kim expressed support, stating, "As we move into an era where digital transformation is crucial, Go Hub is well-positioned to meet these challenges head-on. Go Hub's strategic vision, combined with their technological prowess, ensures their continued growth and leadership in the public transportation IT solutions sector."
Go Hub has demonstrated consistent growth, underpinned by the Group's expertise in developing and implementing comprehensive IT solutions for public transportation, including TOS, BOS, and Automated Fare Collection (AFC) systems. The Company's commitment to quality, efficiency, and innovation has established it as a trusted provider in Malaysia.
UOB Kay Hian Securities (M) Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter and Placement Agent for Go Hub.
Source: Go Hub Capital Berhad
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