KUALA LUMPUR: ACE Market-bound Focus Point Holdings Bhd expects to raise RM16.07 million from its initial public offering (IPO) and the proceeds will be used to fund its local expansion plans, said its president and chief executive officer Datuk Liaw Choon Liang.

The professional eye care chain aims to open 56 new outlets by end-2011, he told reporters after launching its prospectus on Wednesday, June 30.

From the proceeds, RM7.74 million will go towards its new outlets while RM1.2 million will be used to upgrade and refurbish its existing outlets, he said.

Another RM1.5 million will be used to pay off part of its bank borrowings while the remainder will serve as working capital and defray listing expenses.

Focus Point's IPO will see 41.2 million shares issued at an offer price of 39 sen, with 10 million shares placed to eligible employees and associates, 22.95 million shares placed out and the remaining 8.25 million shares offered to the public.

Listing is tentatively slated for July 27 to coincide with the group's anniversary, said Liaw.