In its prospectus issued on Tuesday, it announced it was selling 51.46 million new shares at an offer price of 38 sen each.
Sedania is offering for sale nine million shares to the public while one million units would be offered to the directors and entitled employees while the bulk of 41.46 million shares would be placed out.
Of the RM19.6mil, RM6.8mil will be for working capital, RM4.1mil for marketing expenses, RM4mil for capital expenditure, RM2.5mil for research and development and RM2.2mil for listing expenses.
Managing director Datuk Azrin Mohd Noor said he intends to list the company on the ACE Market on June 29.
The company provides airtime sharing solutions, including transfer that allows prepaid and/or post-paid mobile subscribers to transfer airtime credit to other prepaid subscribers on the same telecommunications network through SMS.
It also provides the airtime sharing request, which enables prepaid mobile subscribers with low or zero credits to request airtime credit other prepaid or post-paid subscribers on the same telecommunications network through SMS. It also offers SMS broadcast, mobile billing, mobile content, Islamic content, and web portal services.
In July 2014, it acquired IDOTTV Sdn Bhd which is an aggregator (platform and service enabler) specialising in providing ancillary services to mobile subscribers by partnering services providers such as mobile network operators (MNOs) and utility companies for their infrastructure and gateway.
Its ATS platform used the MNOs infrastructure and gateway to offer customises solutions to the MNO subscribers.