KUALA LUMPUR: End-to-end piping solutions provider ISF Group Bhd from Johor aims to raise RM61.15 million from its initial public offering (IPO) en route to its listing on the ACE Market of Bursa Malaysia on Jan 28, 2026.
Managing director Jeff Ai Boon Chen said the company intended to allocate RM11.4 million for the establishment and expansion of its operational facilities.
"We will be constructing a new head office and storage facility in Johor.
"We plan to establish new offices, namely Central Region Office in Selangor or Negeri Sembilan and the Northern Region Office in Penang," he told a press conference in conjunction with the group's prospectus launch event today.
He noted that the establishment of central region office will begin in the second quarter this year.
Ai also said the group intended to develop its existing business activities by purchasing new plants and machinery to cut down on its dependence on rentals.
The company said in a statement today its IPO exercise entails a public issue of 185.3 million new ordinary shares (issue shares), representing 18.53 per cent of its enlarged issued share capital.
It includes an offer for sale of 90 million existing shares (offer shares), representing nine per cent of its enlarged issued share capital.
"Of the 185.3 million issue shares, 50 million issue shares will be made available to the Malaysian public via balloting, while 15 million issue shares will be made available to eligible directors, employees and persons who have contributed to the success of the group (pink form allocation).
"Meanwhile, 35 million issue shares will be made available by way of private placement to selected bumiputera investors approved by the Ministry of Investment, Trade and Industry of Malaysia (MITI), while the remaining 85.30 million issue shares will be made available by way of private placement to selected investors,” it said.
Meanwhile, all 90 million offer shares will be made available by way of private placement to selected bumiputera investors approved by MITI.
Upon listing, the group will have a market capitalisation of RM330 million, based on its enlarged issued share capital of 1.0 billion shares and IPO price of RM0.33 per share.
Following the prospectus launch, applications for the public issue are open from today and will be closed at 5.00pm on Jan 14, 2026.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and placement agent for this IPO exercise.
