PETALING JAYA: End-to-end piping solutions provider ISF Group Bhd has entered into an underwriting agreement with Alliance Islamic Bank Bhd in conjunction with its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
ISF’s IPO exercise encompasses a public issuance of 185.30 million new ordinary shares, representing approximately 18.53% of its enlarged issued share capital, as well as an offer for sale of 90 million existing shares, representing approximately 9% of its enlarged issued share capital.
Of the 185.3 million issue shares, 50 million will be made available to the Malaysian public via balloting, and 15 million will be made available to its eligible directors, employees and persons who have contributed to the success of the group.
Meanwhile, 35 million shares will be made available by way of private placement to selected bumiputra investors approved by the of Investment, Trade and Industry Ministry (Miti), while the remaining 85.3 million issue shares will be made available by way of private placement to selected investors.
Additionally, all 90 million offer shares will be made available by way of private placement to selected bumiputra investors approved by Miti.
Pursuant to the underwriting agreement, Alliance Islamic Bank will underwrite a total of 65 million issue shares to be made available to the Malaysian public via balloting and pink form allocations.
ISF, through its subsidiary, Yeo Plumber Sdn Bhd, is principally involved in the supply and installation of piping systems for end-user premises as well as water supply and sewer infrastructure piping.
Beyond this, the group also provides maintenance and repair services for piping systems.
The group began as a trader of plumbing materials in 2001. With a proven track record in this business, the group has undertaken numerous projects, including large projects across a diversified range of end-user premises.
“These projects were for facilities in sectors such as industrial, data centres, residential, commercial, institutional, healthcare and infrastructure such as power plants and mass transit facilities,” ISF said in a statement.
Founded in Johor, the group has since completed projects across Peninsular Malaysia, establishing a nationwide footprint through its ability to serve diverse locations and range of end-user premises.
The group’s order book stood at RM103.53mil as of May 27, providing earnings visibility up to Dec 31, 2028.
