Butterfield FB (KLSE:BFIELD) seeks to raise 72 million ringgit via an initial public offering on the ACE Market of Bursa Malaysia, according to its Tuesday prospectus.

The coffee and tea extract powder blends manufacturer's IPO comprises a public issue of 150 million new shares at an issue price of 0.48 ringgit per share, as well as an offer for sale of 72 million existing shares.

Aside from listing expenses, the IPO proceeds will be used for the acquisition of machinery, expansion and working capital requirements.