KUALA LUMPUR: Farm Price Holdings Bhd aims to raise RM24.5mil from its initial public offering (IPO).

The group is set for a listing on the ACE Market of Bursa Malaysia on May 14.

Managing director Tiong Lee Chian said it intended to use the proceeds for its expansion plans, with RM6.4mil earmarked for the construction of new facilities, RM2mil to purchase machinery, equipment and logistic fleet, RM1.6mil for its regional distribution and procurement centre, RM10.58mil for working capital and the remainder for listing expenses.