Kenanga appointed underwriter of Nova Wellness IPO

KUALA LUMPUR: Nova Wellness Group Bhd, which is involved in the nutraceutical industry in Malaysia, has signed an official underwriting agreement recently with Kenanga Investment Bank Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd (Bursa Securities).
Kenanga Investment will act as the company’s principal adviser, underwriter and placement agent for the IPO.
Nova Wellness managing director Phang Nyie Lin believes that with its listing status, it will be provided with the needed financial impetus and the ability to enhance its market presence to achieve its business objectives.
Nova Wellness was co-founded by Phang together with his wife Tan Sok Mooi in 1989. The company, through its subsidiary, Nova Laboratories is principally involved in the development, production and sales of nutraceutical and skincare products under its house brands, and original equipment manufacturers (OEM) of nutraceutical products.
Nutraceuticals are products derived from food sources that provide health benefits on top of its basic nutritional value, and some examples include dietary supplements, health supplements and functional food.
To date, Nova Wellness has developed 144 product formulations with 88 products sold locally and overseas under its house brands, namely Nova, ActivMax, Sustinex, Novavis, and SP8.
Meanwhile, under its OEM services, Nova Wellness has developed 88 product formulations with 74 products manufactured for its OEM customers.