Digital transformation consultancy and artificial intelligence company SRKK AI (KLSE:SRKKAI) is seeking to raise 20.5 million ringgit via an IPO on the ACE Market of Bursa Malaysia, according to its Thursday prospectus.

The IPO comprises a public issue of 64 million new shares at an issue price of 0.32 ringgit per share, as well as an offer for sale of 13 million existing shares by way of private placement to selected investors.

Aside from listing expenses, the proceeds will be used for strategic growth initiatives in artificial intelligence, including the establishment of AI labs and an AI academy, and for working capital requirements.