By Vinicy Chan
The firm’s investors include Interactive Brokers Group Inc, ZhenFund, Xiaomi and Rogers. It raised a Series C round in July valuing the firm at $1.06 billion.
The company becomes the 46th issuer in 2018, as well as the first startup built by the IDX Incubator to take part in the stock exchange.
Zoom is aiming to be valued in the IPO at several billion dollars more than the $1 billion valuation it achieved in its most recent funding round in 2017, when it received $100 million from venture capital firm Sequoia.
Before this, Byton will seek another round of fundraising from private investors prior to starting production of its vehicle.
At present, neither the promoter nor any other entity is eligible to hold more than 25% in a start-up after its Initial Public Offering.
The Singapore entrepreneur took Osim International Ltd private in a $236 million buyout in 2016. V3 Group comprises the Osim business and other consumer products units.
Just two days ago the IPO’s managers had said a consortium led by Macquarie Group and including the country’s four largest banks was seeking to raise as much as $608.66 million.
The company initially sought to raise $70 million when it filed its heavily-redacted IPO application with US SEC in June.
Kayin Holdings has proposed a capital reduction and repayment of RM 5.70 per share, representing a 40.39% premium to the share’s closing price on the last practisable date.
The final size is less than half the original target of 1.02 billion shares for up to P140 per share.