ACE MARKET-BOUND ISF GROUP’S IPO OVERSUBSCRIBED BY 31.13 TIMES

KUALA LUMPUR, Jan 20 (Bernama) -- ISF Group Bhd’s initial public offering (IPO) has been oversubscribed by 31.14 times, with 11,446 applications for 1.61 billion shares, valued at around RM530 million, ahead of its listing on Malaysia Securities Bhd’s ACE Market on Jan 28, 2026.

In a filing with Bursa Malaysia, the piping solutions provider said that for the Bumiputera public portion, a total of 5,159 applications for 469.6 million issue shares were received, representing an oversubscription rate of 17.78 times.

“For the public portion, a total of 6,287 applications for 1.14 billion issue shares were received, which represents an oversubscription rate of 44.49 times. Meanwhile, the 15 million issue shares made available for application by the eligible persons have also been fully subscribed,” it said.

ISF said the placement agent has also confirmed that the 85.3 million issue shares made available by way of private placement to selected investors have been fully placed out.

Additionally, it said 35 million issue shares and 90 million offer shares made available by way of private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry of Malaysia have also been fully placed out.

Upon listing, the group will have a market capitalisation of RM330 million, based on its enlarged issued share capital of 1.0 billion shares and an IPO price of RM0.33 per share.

Alliance Islamic Bank Bhd is the principal adviser, sponsor, underwriter, and placement agent for the IPO.

-- BERNAMA