Vanzo Holdings Bhd has submitted a preliminary prospectus for an initial public offering (IPO) on Bursa Malaysia's ACE Market. Pic credit: Vanzo Holdings Bhd
Vanzo Holdings Bhd has submitted a preliminary prospectus for an initial public offering (IPO) on Bursa Malaysia's ACE Market. Pic credit: Vanzo Holdings Bhd

KUALA LUMPUR: Vanzo Holdings Bhd has submitted a preliminary prospectus for an initial public offering (IPO) on Bursa Malaysia's ACE Market.

The IPO will include 93.35 million new ordinary shares.According to the draft prospectus, 23.3 million new shares will be available for application by the Malaysian public, and another 23.3 million shares will be reserved for eligible directors, employees, and individuals who have contributed to Vanzo's success.

Additionally, 46.67 million new shares will be offered through private placement to selected investors.

The IPO will also include an offer for sale of 46.67 million shares via private placement to selected investors.

The air fragrance manufacturer stated that the proceeds will be used to enhance market presence by expanding its network of retail kiosks across Malaysia.

"As such, we intend to set up five new retail kiosks to increase our brand visibility and customer base.These retail kiosks will be similar to our present outlets, as our products are small in size and do not require large shelf space for display or testing.We plan to set up two retail kiosks by the end of 2024 and another three retail kiosks by the end of 2025," it said.

Vanzo said the company has not yet identified specific locations for the new retail kiosks.

The company also indicated plans to allocate part of the proceeds for marketing and promotional activities to boost product awareness across Malaysia and increase revenue.