Econpile IPO to raise RM48.6m

KUALA LUMPUR: Econpile Holdings Bhd plans to utilise RM14.58 million from the proceeds raised from its initial public offering (IPO) to acquire machinery and equipment for piling and foundation services. The company, en route for listing on the Main Market of Bursa Malaysia by the end of the month, is expected to raise RM48.6 million. Its executive director, Raymond Pang, said RM18.16 million will be used for working capital while RM12.15 million and RM3.71 million will be used for repayment of bank borrowings and defraying listing expenses, respectively. Econpile is pricing its IPO at an issue price of 54 sen per share. Econpile’s order book currently stands at RM450 million.