GTA (KLSE:GTA) seeks to raise 71.8 million ringgit via an initial public offering on the ACE Market of Bursa Malaysia, according to its Tuesday prospectus.

The aviation services provider's IPO comprises a public issue of 205 million new shares at an issue price of 0.35 ringgit per share, as well as an offer for sale of 124 million existing shares.

Aside from listing expenses, the IPO proceeds will be used for the establishment of new operating facility, expansion and working capital requirements.

The company opened applications for its initial public offering on Aug. 19, with applications closing Aug. 26. The company's tentative listing date is Sept. 8, it said.