Singapore retail jeweller Soo Kee Group has launched an IPO to raise funds for expansion in Singapore and Malaysia.

Soo Kee will sell 112.5 million shares at S$0.30 each, which will raise $33.75 million after expenses. The majority of the shares will be placed with just 9 million available for public offer.

Soo Kee’s strategy is to open new retail stores in prime shopping malls in both countries and expand its product range as it seeks to boost its share of both markets.

Founded in 1991, Soo Kee retails jewellery and keepsakes through stores branded SK Jewellery, Soo Kee Jewellery and Love & Co. Last year it achieved sales of $134.5 million and turned a profit of $10.8 million.

The IPO closes on August 18 with shares to begin trading on August 20.

Group CEO Daniel Lim said the company had always planned to go public “to improve the visibility for the company, so that we can better serve a wider pool of customers”.