ICT Zone Asia Bhd has launched its initial public offering (IPO) in conjunction with its transfer from the LEAP Market to the ACE Market, aiming to raise RM26.6 million.
Priced at 20 sen per share, the IPO comprises 133 million new shares and up to 21 million existing shares offered via private placement to selected Bumiputera investors.
Of the new shares, 39.77 million are earmarked for the public, 4.14 million for eligible persons, and 89.09 million for Bumiputera private placement.
The IPO represents 16.72% of the company’s enlarged share capital, offering investors a 23.62% stake. Applications close on May 20, with listing slated for June 3.
Proceeds from the public issue will fund the purchase of ICT assets (RM21 million), sales and marketing (RM1.5 million), and listing expenses.
Funds from the offer for sale will go to major shareholders ICT Zone Holding Sdn Bhd and co-founder Datuk Seri Ng Thien Phing.
Ng, also the executive chairman of SkyWorld Development Bhd, and other key shareholders are subject to a 12-month lock-up period post-listing.
ICT Zone Asia reported record net profit of RM8.8 million for the financial year ended Jan 31, 2025, up 20%, with revenue rising 11.7% to RM127.8 million.
Its CEO Tommy Lim said the listing supports the group’s RM500 million unbilled order book target within three years.
Malacca Securities is the principal adviser, sponsor, and joint underwriter, while Kenanga Investment Bank is a joint underwriter and placement agent. — TMR
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