KUALA LUMPUR: SSF Home Group Bhd aims to raise RM50 million from its initial public offering (IPO) on the Ace Market of Bursa Malaysia on Oct 12.

The homegrown furniture, home decor and home living products retailer said the bulk of the proceeds will be utilised for expansion as it aims to open 18 new retail outlets over the next three years.

Managing director and chief executive officer, Wong Choong Loong said since its establishment 30 years ago, the group has managed to operate a network of 41 retail outlets with a total retail space of over one million square feet throughout Peninsular Malaysia, Sabah and Sarawak.

“The RM50 million proceeds raised from this IPO will enable us to further strengthen our market position in the home furnishing retail industry and to capitalise on future industry growth,” he told reporters after the launch of the company’s prospectus today.

Based on the IPO price of 25 sen per share and enlarged issued shares of 800 million shares, its market capitalisation upon listing will be about RM200 million. – Bernama