Radium Development to raise RM434mil via IPO en route to main market listing

The company eyes to raise RM434 million from the IPO with a view to reinforce its Kuala Lumpur presence mainly by shoring up its land bank for future development.

The company eyes to raise RM434 million from the initial public offering with a view to reinforce its Kuala Lumpur presence mainly by shoring up its land bank for future development.

"We are earmarking RM171 million from our IPO proceeds for land acquisition and project development in Kuala Lumpur,” Gan told the media after launching its prospectus today. This underscores the company’s commitment as a Kuala Lumpur-centric developer focussing on affordable housing ranging between RM300,000 and RM600,000.

"A further RM93.9 million has been allocated for repayment of bank borrowings, RM39.8 million for working capital, and the balance RM20 million to defray listing expenses.

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