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Aztech Global, the technology unit of Aztech Group, has launched 68.12 million shares priced at $1.28 each through its initial public offering (IPO) on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) on March 4.

Aztech says it intends to use the proceeds primarily for the expansion and enhancement of the group’s manufacturing facilities, as well as expansion of the group’s business including investments, mergers and acquisitions and joint ventures.

According to a press release, Aztech’s key products include Internet of things or IoT devices, Data-communication products and LED lighting products supported by its core strength in research and development (R&D), design, engineering and manufacturing.

As at Feb 15, Aztech’s outstanding order book stood at around $307.9 million, all of which are expected to be delivered or completed within FY2021.

From FY2017 and FY2019, the group’s EBITDA grew at a compound average growth rate (CAGR) of 80.7% from $19.7 million to $64.3 million.

During the same period, the group’s net profits climbed at a CAGR of 106.5% from $11.1 million to $47.2 million.

For the 9MFY2020 ended September, Aztech saw 19.6% lower revenue y-o-y at $262.2 million, though EBITDA stood at similar levels at $44.0 million from $47.2 million in the 9MFY2019.

The public offer will close at 12pm on March 10. The listing and trading of Aztech’s shares is expected to commence at 9am on March 12.