NWE Resources (KLSE:NWEBHD) is looking to raise 28.6 million ringgit via an initial public offering on the ACE Market of Bursa Malaysia, according to a Tuesday prospectus.

The health foods and personal care products company's IPO comprises a public issue of 143.1 million new shares at an issue price of 0.20 ringgit per share.

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

The company will open applications for its IPO on Sept. 29, with applications closing on Oct. 9, according to its IPO timetable.