Mega Fortris (KLSE:MEGAFB) is set to raise 198.1 million from its initial public offering (IPO) on the Main Market of Bursa Securities, according to a Monday prospectus filed on the Malaysian bourse.

The security seals manufacturer's IPO entails a public issue of 147.9 million new shares, and an offer for the sale of 147.9 million existing shares at 0.67 ringgit apiece via a private placement.

Proceeds will be used to for business expansion overseas and to pay off expenses, it noted.

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