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New Straits Times
5 days ago
- Business
- New Straits Times
iCents IPO oversubscribed by 2.3 times ahead of ACE Market listing
KUALA LUMPUR: iCents Group Holdings Bhd's initial public offering (IPO) has been oversubscribed by 2.30 times ahead of its listing on the ACE Market of Bursa Malaysia on July 17. The IPO by the cleanroom and facility services provider involves a public issue of 112.5 million new ordinary shares at 24 sen per share. This represents 22.5 per cent of the company's enlarged issued share capital, with gross proceeds of RM27 million expected to be raised. The company offered 30 million existing shares, or six per cent of the enlarged issued share capital, via private placement to selected investors. In total, the Malaysian public applied for 82.39 million shares valued at approximately RM19.77 million under the public issue portion, translating to an overall oversubscription rate of 2.30 times. The public category received 881 applications for 72.65 million shares, oversubscribing the allocation by 4.81 times. Separately, the Bumiputera category saw 385 applications for 9.75 million shares, reflecting an undersubscription rate of 0.22 times. All 10 million shares allocated to eligible directors, employees, and persons who have contributed to the group were fully subscribed. The private placements comprised 15 million issue shares and 30 million offer shares to selected investors, as well as 62.5 million issue shares to Bumiputera investors. These placements, approved by the Investment, Trade and Industry Ministry, were fully placed out. Upon listing, iCents Group will have a market capitalisation of RM120 million, based on the enlarged issued share capital of 500 million shares and the IPO price. Managing director Vincent Ong said the IPO proceeds will support expansion initiatives and boost the company's capacity to secure more projects in highly technical industries. Executive director Foo Siang Leng added that iCents is well-positioned to capitalise on demand from fast-growing sectors requiring cleanroom and facility solutions. "Cleanroom solutions and facility services are vital to fast-growing sectors such as data centres, semiconductors, electronics and pharmaceuticals. "As these industries expand, we foresee sustained demand that underscores our business relevance moving forward," he said. Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter, and placement agent for the IPO.
The Star
6 days ago
- Business
- The Star
Solid growth on the cards for iCents post-listing on robust order book
From left: iCents Group Holdings Bhd executive director Tan Wei Ying, executive director Foo Siang Leng, substantial shareholder Faye Khor Fei Yi, managing director Vincent Ong Mum Fei, chairperson Lim Bee Vian, Alliance Islamic Bank Bhd chief executive officer Rizal IL-Ehzan Fadil Azim, Alliance Bank Malaysia Bhd group chief corporate and institutional banking officer Teoh Chu Lin and Alliance Islamic Bank Islamic capital markets coverage and origination head and senior vice president Lim Shueh Li at the prospectus launch of iCents Group PETALING JAYA: Cleanroom and facility services group iCents Group Holdings Bhd is projected to register year-on-year (y-o-y) earnings growth of 23.7%, 43.6% and 6.9% to RM8.7mil, RM12.5mil and RM13.3mil from this year to 2027, respectively, according to TA Research. The group is en route to a listing on the ACE Market of Bursa Malaysia on July 17. The research house said this growth would be mainly driven by the assumptions of an unbilled order book of RM93.2mil as of June 2025, a new job replenishment assumption of RM140mil a year, and an annual growth of 20% in other divisions. The initial public offering (IPO) is expected to raise RM27mil. iCents specialises in cleanroom construction, including engineering, procurement, construction, testing, and commissioning of cleanrooms, among others. According to an independent research report by Vital Factor Consulting, the performance of the cleanroom industry is dependent on the performance of end-user industries, particularly high growth, high-value industries such as electrical and electronics, pharmaceuticals, and others. Between 2022 and 2030, the manufacturing sector's value-added contribution is projected to grow at a compounded annual growth rate of 6.5%, mainly supported by the high-growth sectors. The research house said, on a pro forma basis, the group's financial position is expected to improve from net debt of RM5.7mil as of last December to a net cash position of RM16.1mil after listing. Trading ideas: Edelteq, WCT, Green Packet, MAG, Capital A, Mudajaya, Mesiniage, MN, Kretam, Kim Hin, TeamStar, ISF
The Sun
06-06-2025
- Business
- The Sun
iCents Group signs IPO underwriting agreement with Alliance Islamic Bank
KUALA LUMPUR: Cleanroom and facility services provider iCents Group Holdings Bhd has inked an underwriting agreement with Alliance Islamic Bank Bhd in conjunction with its initial public offering (IPO) en route to a listing on the ACE Market of Bursa Malaysia by July. It said in a statement the IPO encompasses a public issuance of 112.5 million new ordinary shares, representing 22.5% of its enlarged issued share capital, as well as an offer for sale of 30 million existing shares, representing 6% of its enlarged issued share capital. 'Out of the 112.5 million issue shares, 25 million shares will be made available to the Malaysian public via balloting, with 10 million shares to its eligible directors, employees and persons who have contributed to the success of the group, 15 million shares will be made available by way of private placement to selected investors, while 62.5 million shares will be made available by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry,' it said. Additionally, 30 million offer shares will be for selected investors by way of private placement. Group managing director Ong Mum Fei said the signing of the underwriting agreement with Alliance Islamic Bank would provide the company with the financial resources and flexibility needed to accelerate its strategic growth plans. 'As we expand our capabilities, we are committed to enhancing our competitive position within Malaysia's cleanroom industry, as well as executing our geographical market expansion plans in Indonesia, Singapore and Sarawak, through the IPO proceeds,' he said. Meanwhile, executive director Foo Siang Leng said the outlook of the cleanroom industry is positive, supported by steady growth in the semiconductor and electronics, data centre, pharmaceutical and food and beverage sectors, alongside the initiatives under Malaysia's New Industrial Master Plan 2030. 'We aim to capitalise on these opportunities through our growing involvement in these key industries by expanding our operational capabilities, expanding market reach and broadening our product range and addressable markets,' he said. – Bernama
The Star
06-06-2025
- Business
- The Star
iCents appoints Alliance Islamic Bank as underwriter for ACE Market IPO
From left: iCents Group executive director Tan Wei Ying, executive director Foo Siang Leng, managing director Ong Mum Fei (Vincent), Alliance Islamic Bank CEO Rizal IL-Ehzan Fadil Azim, Alliance Bank Malaysia Bhd group chief corporate and institutional banking officer Teoh Chu Lin, and Alliance Islamic Bank head and senior vice-president of coverage and origination of Islamic capital markets Lim Shueh Li KUALA LUMPUR: iCents Group Holdings Bhd, which is embarking on an ACE Market initial public offering (IPO), has inked an agreement with Alliance Islamic Bank Bhd for the underwriting of 35 million shares made available to the Malaysian public and to eligible persons under pink form allocations. iCents and its subsidiaries are primarily engaged in cleanroom construction and technical services as well as the manufacture of cleanroom fixtures and the supply of cleanroom equipment. iCents' IPO entails a public issuance of 112.5 million new ordinary shares, representing approximately 22.5% of its enlarged issued share capital, as well as an offer for sale of 30 million existing shares, representing approximately 6% of its enlarged issued share capital. Out of the issue shares, 25 million shares will be made available to the Malaysian public via balloting and 10 million shares to eligible directors, employees and persons who have contributed to the success of the group. A further 15 million shares will be made available by way of private placement to selected investors, while the remaining 62.5 million shares will be made available by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, Additionally, the 30 million shares on offer for sale will go to selected investors by way of private placement. "The IPO will provide us with the financial resources and flexibility needed to accelerate our strategic growth plans. "As we expand our capabilities, we are committed to enhancing our competitive position within Malaysia's cleanroom industry, as well as executing our geographical market expansion plans in Indonesia, Singapore and Sarawak, through the IPO proceeds,' said iCents group managing director Vincent Ong Mum Fei in a statement. iCents is scheduled to be listed on the ACE Market by July 2025. Alliance Islamic Bank will serve as the principal adviser, sponsor, sole underwriter, and placement agent for the IPO exercise.
