Esteem Solar Tech, which is en route to the ACE Market on Oct 15, is seeking to raise $29.35 million from its initial public offering (IPO).
The listing exercise involves a public issue of 61.16 million shares at 48 sen each, according to the company’s prospectus that was launched today.
Based on an issue price of 48 cent per share and an enlarged issued base of 210 million shares, Esteem Solar Tech is expected to have a market capitalisation of $100.8 million, the prospectus showed.
Esteem Solar Tech is primarily involved in the engineering, procurement, construction and commissioning of solar photovoltaic (PV) systems and power plants. The other business activities include the provision of renewable energy and environmental consulting services, as well as operations and maintenance services.
Esteem Solar Tech plans to set up sales and technical support offices to serve its new and existing customers.