InnoTek has raised gross proceeds of $16 million via a recent placement at 65.06 cents each. Several of the investors who took up the 24.6 million shares are the usual suspects.
They include Amova Asset Management, Areca Capital, Asdew Acquisitions, Avanda Investment Management, Ginko-AGT Global Growth Fund, ICH Synergrowth Fund, Lion Global Investors, TIH Investment Management, Tokio Marine Life Insurance Singapore, UOB Asset Management and Value Partners Hong Kong.
This placement, managed by Maybank Securities, attracted other unnamed high-net-worth corporate and individual investors too.
These investors are already in the money, with InnoTek shares closing at 82 cents on April 15, up 1.87% for the day, extending a gain of 23.48% year to date.
Net proceeds of some $15.4 million will be used by InnoTek to fund capex such as setting up of a CNC machining capacity at a new facility in Thailand to support graphic processing unit server components and AI-related liquid cooling projects.
This will complement InnoTek’s existing Rayong facility, which is currently undergoing a major extension to more than quadruple its built-in area, further strengthening its capabilities in these high-growth sectors.
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The funds will also be used to expand Innotek's manufacturing capabilities to support the AI server demand in the region, and to also help fund possible acquisitions.
Last September, InnoTek was approved as a recommended vendor for NVIDIA and IEIT Systems, with mass production of GPU components having commenced in the last quarter of 2025.
Concurrent with the placement, Lou Yiliang, the company's executive director and CEO, will sell 6.15 million shares also at 65.06 cents.
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The share sale will be conducted on a "best-efforts" basis on Monday, April 20.
Assuming all these shares are sold, Lou will continue to hold 9.63% of the company.
"This placement reflects the confidence that institutional investors have in InnoTek's growth strategy and the opportunities we are pursuing across AI server components, liquid cooling and new energy," says Lou.
"We are at an inflexion point, with multiple projects progressing towards mass production. This capital injection will allow us to move decisively to support our customers' needs," he adds.
"The strong and broad-based participation from a diverse cross-section of investors, including leading institutional accounts, reflects deep investor confidence in InnoTek’s growth strategy," says Maybank Securities CEO Aditya Laroia.
"We remain committed to connecting companies with the right pool of investors and supporting their next phase of growth," he adds.
