ONLINE learning system provider Litespeed Education Technologies Bhd will offer 32.5 million new ordinary shares of 10 sen each at an issue price of 47 sen per share under its initial public offering and listing on Malaysian Exchange of Securities Dealing and Automated Quotation Bhd (Mesdaq).

The company, which moved its base from Singapore to Malaysia in late 2004, believes that the country offers huge business potential in the education sector, said founder and chief executive Pok Vic Tor.

“Right from the beginning, we had planned for this. Once we embarked on that dream, we wanted to get started immediately but we knew that we would have to get the groundwork done right first.

“That’s because we believe our e-learning system has tremendous potential,” he said in a statement.

Its e-learning system uses artificial intelligence that allows tutors and students sufficient interaction and assists in reducing the tutor’s time to grade and correct assignments.

The system also provides a breakdown report on a student’s performance and actions that tutors should take to improve the student’s weakness.

Of the total shares offered, about 5 million shares will be allocated for the public, 23.3 million shares for identified investors and the remaining for eligible directors, employees and business associates.

Hwang-DBS Securities Bhd is Litespeed’s underwriter, placement agent and sponsor for the listing of Litespeed which is scheduled for next month.

Litespeed expects to raise about RM16 million from its IPO.