KUALA LUMPUR: Singapore-based Information technology solution provider Cloudaron Group Bhd will become the first company to list on the Bursa Malaysia Leading Entrepreneur Accelerator Platform (LEAP) Market. The company plans to issue 50 million new shares at an issue price of 11 sen a share for a total value of RM5.5mil. This represents 6.4% of the company's enlarged share capital. Following the IPO, Cloudaron will have a market capitalisation of RM85.279mil. "We intend to utilise approximately RM2.4mil of the proceeds to set up either a branch or a representative office in Indonesia and the Philippines respectively," the company said in its Information Memorandum submitted to Bursa Malaysia. "Our working capital requirements are expected to increase in line with our intended business expansion as outlined in Section 4.11 of this Information Memorandum. Thus, we intend to allocate approximately RM1.9mil of the proceeds for the day-to-day operations of our Group in Singapore and Malaysia," it added.