IAB signs underwriting deal with M&A Securities for ACE Market listing
KUALA LUMPUR: Sarawak-based technology solutions provider, Insights Analytics Bhd (IAB), has signed an underwriting agreement with M & A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia Securities Bhd.
IAB is principally involved in the supply of water technology solutions for water management across the water utility supply chain from water treatment to distribution, primarily in Sarawak.
In a statement, IAB said its initial public offering (IPO) entails a public issue of 121.0 million new shares and an offer for sale of 27.5 million existing shares, representing 22.0% and 5.0% respectively of IAB's enlarged share capital of 550.0 million shares upon listing.
Of the 121.0 million new shares, 27.5 million will be offered to the Malaysian public via balloting. Another 11.0 million will be allocated to eligible directors, employees and contributors under the Pink Form Allocations, while 41.25 million is reserved for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
The remaining 41.25 million new shares will be placed out to selected investors by way of private placement.
For the offer for sale, all 27.5 million shares are reserved for private placement to Bumiputera investors approved by the MITI.
Pursuant to the underwriting agreement, M & A Securities will underwrite 38.5 million new shares offered to the Malaysian public and under the Pink Form Allocations.
As at Jan 1, 2025, IAB's unbilled order book stood at RM36.1mil, which will be progressively recognised over the next two financial years in line with the expected progress of each project.
IAB managing director Frank Wee said the IPO will allow the company to tap the equity capital market to fund business expansion, enhance technological capabilities, and support working capital for ongoing and future projects, while capitalising on growth opportunities in smart water management and Sarawak's broader smart city initiatives.
'With 20 years of proven expertise in Sarawak's water technology sector, IAB Group is well-positioned to capitalise on the Sarawak government's Water Sector Transformation 2040 agenda and Malaysia's broader push towards smart city infrastructure.
'Leveraging its track record, the group delivers smart, data-driven solutions that align seamlessly with Sarawak's aggressive infrastructure upgrades, utility digitalisation and integrated smart water initiatives - placing IAB at the forefront of the state's transformation journey,' Wee said.
For the financial year ended April 30, 2024, IAB reported a net profit of RM6.9mil on the back of RM32mil revenue, with a gross profit margin of 40.0% and a net profit margin of 21.6%.
IAB is tentatively scheduled to list on the ACE Market of Bursa Securities in October 2025.
M & A Securities is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
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