BMS (KLSE:BMS) is eyeing to raise about 80.1 million ringgit from the initial public offering of its shares on the ACE Market of Bursa Malaysia.

The IPO entails a public issue of 364 million shares at 0.22 ringgit each, as well as an offer for sale of 156 million shares, according to a Thursday Malaysian bourse filing.

Proceeds will be used for expansion, to boost working capital, and to pay off expenses, the building materials distributor said.