Vertex Material targets up to US$400 million from planned Nasdaq listing
The Malaysian advanced materials company has appointed advisers and is preparing the documentation needed for the proposed listing.
Vertex Material intends to raise between US$300 million (RM1.22 billion) and US$400 million through a proposed Nasdaq listing, chief executive officer Chris Lai said. The Malaysian advanced materials company is working on audits and regulatory submissions after appointing advisers.
At a Kuala Lumpur press conference accompanying a business signing ceremony with Aurelius Materials, Lai linked the choice of Nasdaq over Bursa Malaysia Securities Bhd to the company’s operations in the US and plans to seek government incentives there.
Following the listing, the company would focus first on finishing its US facility and bringing production on stream, he said. Lai expects production to play a key role in generating cash flow, with opportunities for expansion elsewhere to be considered once the facility is operating.
Vertex Material also intends to supply India, but copper availability would determine whether it builds a manufacturing facility there. Lai said a potential Indian facility would likely be smaller than the planned US operation. The company is seeking additional copper supplies from producers including Canada, Chile and Peru.
Lai said the company’s valuation was close to US$7 billion, with leading accounting firms engaged for the assessment. He added that its innovation and technology development came from Malaysia and its shareholders remained Malaysian, though some shares had been allocated to the US market.
