Oxford Innotech inks up IPO underwriting agreement with Malacca Securities
KUALA LUMPUR: Oxford Innotech Bhd has inked an underwriting agreement with Malacca Securities Sdn Bhd for its initial public offering (IPO) en route to its listing on the ACE Market of Bursa Malaysia Securities Bhd.
In a statement today, the integrated engineering solutions provider said the IPO consists of a public issue of 143.5 million new shares and the sale of 50 million existing shares.
"Of the 143.5 million new shares, 35.5 million shares will be made available to the Malaysian public and 27 million shares to eligible directors, employees and persons who have contributed to the success of the group (pink form allocations).
"The remaining 81 million new shares will be offered by way of private placement to selected bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI)," it said.
Meanwhile, as for the 50 million existing shares under offer for sale, 7.8 million shares will be made available to selected bumiputera investors approved by MITI, with the remaining 42.2 million shares to be allocated to selected investors through private placement.
Under the agreement, Malacca Securities will underwrite 62.5 million new shares, comprising 35.5 million new shares to the Malaysian public and 27 million new shares under the pink form allocations, it said.
Oxford Innotech managing director Ng Thean Gin said the company is expanding both its production capacity and capabilities to cater to the rising demand for precision engineering solutions, especially in the semiconductor and modular building systems sectors.
"Leveraging our extensive expertise and tailored engineering capabilities, we are able to deliver high-quality products and services that address the unique needs of our customers, enabling them to remain competitive and agile in a competitive market," he said.
Citing independent market research by Providence Strategic Partners Sdn Bhd, the company said that Malaysia's engineering solutions industry is projected to grow to RM38.2 billion by 2027, from RM27.6 billion in 2023, supported by the rising adoption of electric vehicles and artificial intelligence, as well as a shift toward modular building systems.
Oxford Innotech is scheduled to be listed on the ACE Market of Bursa Securities by the third quarter of 2025.
Malacca Securities serves as the principal adviser, sponsor, underwriter and placement agent, while Wyncorp Advisory Sdn Bhd is the corporate finance adviser for the IPO exercise.
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