Oxford Innotech (KLSE:OXB) targets to raise 56.1 million ringgit via its initial public offering on the Ace Market of Bursa Malaysia, according to a Wednesday Malaysian bourse filing.

The IPO involves a public issue of 143,460,000 shares and an offer for sale of 50 million shares at 0.29 ringgit apiece, the engineering company said.

Proceeds from the public issue are intended for the purchase of machinery, payment of expenses, and boosting of working capital, among other things.