Kori to raise net proceeds of $4.4m from IPO

Kori Holdings says it will raise $4.4 million in net proceeds through a Catalist listing.

The engineering and construction services company will place out 28.2 million shares at 25 cents each. About 25.6 million are new shares while 2.6 million are vendor shares.

Out of the net proceeds, $3 million will go to the expansion of Kori’s two local core businesses of structural steelworks and tunnelling; $100,000 million will g towards expanding tunnelling services overseas and $300,000 will be set aside for general working capital.

Kori will also invest $1 million to acquire a new storage yard in Iskandar Malaysia and relocate its current yard in Singapore to the new location when the lease runs out next year.