Former lawyers with Zaid Ibrahim and Co, Malaysia's largest law firm, are seeking to list a Singapore-based company on the Singapore Exchange Catalist board, as Zico looks to raise capital for expansion within Southeast Asia, the Straits Times reported.

With local rules forbidding non-lawyers from owning law firms, the company Zico Holdings, which provides professional services in areas such as trust advisory, business support and advice on Islamic law, is legally separate from Zico, the law firm.

This marks a departure from how law firms traditionally fund their expansion in the region. Instead of funds coming out of partners’ pockets, Zico can indirectly tap the capital markets for financing, thus being able to get around rules stating that only lawyers can have stakes in law firms.

Zico Holdings is offering 48 million new shares at 30 cents apiece to raise $14.4 million from institutional investors, according to the newspaper. The company, expected to make its Catalist debut on Nov. 11, intends to use the IPO net proceeds of around $12.5 million partly to expand within Southeast Asia.

A statement quoted by the Straits Times report says that Zico Holdings provides management and business support services to member firms of Zico’s network, ZICOlaw, with the two entities otherwise also working together. Zico Holdings own the ZICOlaw member firms in Myanmar and Laos, while its managing director, Chew Seng Kok, was a former Zico managing partner.