PSP Energy (KLSE:PSP) is eyeing to raise about 34.2 million ringgit from the initial public offering of its shares on the ACE Market of Bursa Malaysia.

The IPO entails a public issue of over 213.8 million shares, and an offer for sale of 74.8 million shares at 0.16 ringgit each, according to a Tuesday Malaysian bourse filing.

Proceeds will be used for expansion, working capital, and expenditures, the fuel and lubricant trader said.