SBS Nexus (KLSE:SBS) is eyeing to raise about 30.6 million ringgit from the public issue portion of its initial public offering on the ACE Market of Bursa Malaysia, according to a Tuesday Malaysian bourse filing.

The IPO entails a public issue of 122.5 million shares at a tentative price of 0.25 ringgit each, as well as an offer for sale of 49 million shares.

Proceeds will be used for business expansion, to boost working capital, and to pay off expenses, the integrated marketing and branding services provider said.