SALUTICA - Bluetooth expert

LISTING TOMORROW (18th May 2016) on Ace Market of Bursa Malaysia

SALUTICA 

✅Salutica is a IPOH based company which is in the business of manufacturing bluetooth devices and other electronics and precision parts for external brands. It also has its own in house product line of Bluetooth 4.0 Technology,  with the brand name FOBO.

✅Salutica raised RM 62.4m from the issuance of 78m shares, with the proceeds being utilized for repayment of bank borrowings, working capital and R&D

✅Futures plans:
⭕expand FOBO products
⭕upgrade its existing plant
⭕new product development in        collaboration with its customers
⭕increase FOBO presence by adding 14 new distribution channel

✅It shares were oversubscribed by 9.98 times

IPO price: RM 0.80
♦RHB values it at RM1.18 (48% upside)
♦PUBLIC values it at RM0.99 (23% upside)

Market capitalization: RM310.4m
No of shares: 388m
Estimated free float: 26.0%

Sharing from rhbinvest

IPO - SALUTICA

New IPO : SALUTICA BERHAD
MITI Offering
Start : 17/3/2016 (Thursday)
End : 23/3/2016 (Wednesday) before  12.00pm

- Salutica Bhd, an original design manufacturer of electronic components, is looking to list on the ACE Market of Bursa Malaysia with an initial public offering (IPO) of 101 million shares.
- Salutica’s subsidiary Salutica Allied Solutions Sdn Bhd markets its own products including Fobo Tire, a tyre pressure monitoring system that uses Bluetooth technology to monitor tyre pressure.
- IPO comprises a public issue of 78 million new ordinary shares of 10 sen each in Salutica and offer for sale of 23 million existing Salutica shares.
- The 78 million shares represents 20.1% of the enlarged issued and paid-up share capital of the company, of which 19.4 million will be issued to the Malaysian public, 9.7 million for eligible directors and employees as well as persons who have contributed to the success of the group, 10.1 million by way of private placement to institutional and selected investors and 38.8 million by way of private placement to identified Bumiputra investors
- The gross proceeds from the public issue are expected to be utilised for repayment of bank borrowing (26.9%), capital expenditure (capex) (27.5%), research and development expenditure (15%), working capital (23.6%) and estimated listing expenses (7%).
- For the financial year ended June 30, 2015, the group posted a net profit of RM27.41 million and revenue of RM192.52 million compared with net profit of RM60.12 million and revenue of RM204.13 million a year ago.
- RHB Investment Bank Bhd is the adviser.