ICT Zone Asia eyes growth with ACE Market debut
KUALA LUMPUR: ICT Zone Asia Bhd has launched its prospectus in preparation for its upcoming transfer from the LEAP Market to the ACE Market of Bursa Malaysia.
The technology financing firm plans to raise RM26.6 million through its initial public offering (IPO), which involves the issuance of 133 million new ordinary shares priced at 20 sen each.
Of the total proceeds, RM21 million or 78.95 per cent will fund the company's assets purchase to expand its technology financing business.
Another RM1.5 million will be used for sales and marketing and the balance is for listing-related expenses.
Managing director and chief executive officer Tommy Lim Kok Kwang said the IPO positions the company to scale further and accelerate its leadership in technology financing.
driving long-term visibility. With the capital raised, we aim to strengthen our presence and remain focused on achieving our RM500 million unbilled order book target within three years," said Lim.
Despite a more cautious IPO market, ICT Zone Asia recorded a revenue of RM127.8 million, profit after tax (PAT) of RM9.1 million and adjusted PAT of RM10.6 million excluding one-off listing expenses.
The company is set to be listed on the ACE Market on June 3, 2025, debuting with a market capitalisation of approximately RM159.09 million based on the IPO price.
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