In a statement today, Malaysia’s largest golf retail chain said that the IPO entails an offering of 228 million ordinary shares, comprising a public issue of 160 million new shares and an offer for sale of up to 68 million existing shares.

There is an institutional offering of up to 178.6 million shares for identified institutional and selected investors, including Bumiputera investors approved by the investment, trade and industry ministry, the statement said.

There will also be a retail offering of 49.4 million issue shares for the Malaysian public, independent non-executive directors and eligible employees who have contributed to the group’s success.

The IPO prospectus is expected to be launched by end-June.

MST Golf executive director and group CEO Ng Yap said the IPO will help to accelerate the retail penetration in other golf markets in Southeast Asia, starting with Indonesia, Thailand and Vietnam.

It owns and operates 42 retail outlets comprising 35 in Malaysia and seven in Singapore.

RHB Investment Bank will underwrite the 41.5 million shares made available to the public under the retail offering tranche. The investment bank is the principal adviser, sole underwriter and sole placement agent for the IPO exercise.