Vin's Holdings completes 20-M IPO placement at $0.30 apiece

The group intends to use $3.2m for information technology enhancement.

Vin’s Holdings Limited has completed the placement for its initial public offering of 20 million placement shares at $0.30 apiece, raising $6m.

Of the $4m net proceeds, the group intends to use $3.2m for information technology and services enhancement, and showrooms, workshops, and after-sales services expansion.

“This includes developing a comprehensive enterprise resource planning system integrated with artificial intelligence-driven capabilities and a customer-facing application to optimise operations and improve customer service,” Galvin Khong, executive director and chief executive officer of Vin’s, said.

The group’s total issued share capital now stands at 131.1 million shares.