PEOPLELOGY SIGNS UNDERWRITING AGREEMENT WITH KENANGA IB FOR IPO

KUALA LUMPUR, March 19 (Bernama) -- PEOPLElogy Bhd has signed an underwriting agreement with Kenanga Investment Bank Bhd for its initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia.

PEOPLElogy is expected to be listed in the second quarter of 2025.

It said in a statement today that the IPO entails a public issuance of 105 million new shares of PEOPLElogy with Kenanga Investment Bank underwriting 32.94 million shares comprising 20.59 million shares available to the Malaysian public via balloting and 12.35 million shares allocated to eligible directors, employees, as well as persons who have contributed to the company’s success.

“Of the remaining 72.06 million shares, 51.46 million shares will be allocated to selected bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI), while the remaining 20.60 million shares will be allocated to selected investors via private placement,” it said. 

PEOPLElogy specialises in integrated people development solutions across three key business segments namely discovery, development and digital.

It said the proceeds from the IPO will be utilised to fund its business expansion including the establishment of a Cyber Range computer simulation lab; expansion through strategic investments, mergers and acquisitions opportunities; software research and development (R&D); expansion of offices and training centres in East Malaysia, Indonesia, and the Philippines; and setting up a regional office in Singapore.

Meanwhile, PEOPLElogy said the remaining proceeds will be used for general working capital and listing expenses.

PEOPLElogy executive director and managing director Allen Lee said that in supporting Malaysia’s digital economy aspirations, PEOPLElogy’s value proposition is to equip individuals, businesses and the government with digital skills through upskilling and reskilling.

“We believe the success of this IPO will further enhance our business profile and future prospects, enabling us to facilitate our business expansion locally and regionally.

“With the increasing need for a digitally skilled workforce in Malaysia, our vision is to improve corporate talent-employability to meet organisational demands and remain relevant in a digital and knowledge-based economy,” he added.

Kenanga Investment Bank is the IPO’s principal adviser, sponsor, underwriter and placement agent.

-- BERNAMA