ICT Zone Asia aims to raise RM26.6 million from IPO in transfer to ACE Market
KUALA LUMPUR: Technology financing solution company ICT Zone Asia Bhd aims to raise RM26.6 million through its initial public offering (IPO) in conjunction with its transfer from the LEAP Market to the ACE Market of Bursa Malaysia.
The transfer is scheduled for June 3, and will involve a public issue of 133 million new shares, priced at 20 sen each.
Group managing director and chief executive officer Tommy Lim Kok Kwang said the ACE Market listing will provide the company with the opportunity to grow its business organically by gaining access to funding from Malaysia's capital market.
It will also enhance its capacity to meet the growing demands of stakeholders, supported by greater visibility in the broader market.
'Of the total RM26.6 million proceeds, RM21 million (or nearly 80%) will be allocated towards expanding our technology financing business. Another RM1.5 million will be used for sales and marketing efforts, while the remaining funds will cover listing-related expenses for the ACE Market transfer,' he said during the prospectus launch today.
The company also aims to strengthen its position and focus on achieving a target of RM500 million in unbilled orders within three years.
ICT Zone Asia has reported strong financial performance, with a record revenue of RM127.8 million and a profit after tax of RM9.1 million.
'The company's contractual business model, coupled with its revenue visibility and operational efficiency, provides investors with stable recurring cash flows and long-term earnings predictability.
'These attributes are especially valuable in today's market, where risk-adjusted fundamentals and consistent execution are essential,' the company stated.
The IPO is now open for applications and will close on May 20.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, joint underwriter, and joint placement agent for the IPO. SCS Global Advisory (M) Sdn Bhd is the financial adviser, while Kenangan Investment Bank Bhd is a joint underwriter and joint placement agent. – Bernama
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