IAB
Key figures
- IPO price
- RM 0.36
- Day 1 open
- RM 0.62
- Day 1 close
- RM 0.655
- Current price
- RM 0.915
- Day 1 open %
- +72.2%
- Day 1 close %
- +81.9%
- Since listing
- +154.2%
- Oversubscription
- 53.62x
- Market cap
- RM 198.0 M
- Offer size
- 148.5 M
- Enlarged shares
- 550 M
- Float
- 27%
Four recorded prices. Spacing between points is not a time scale; the dashed line is the IPO price.
Offer structure
| Tranche | Shares | % of offer |
|---|---|---|
| Malaysian public (balloting) | 27.5 M | 18.5% |
| Bumiputera / MITI | 68.75 M | 46.3% |
| Private placement | 41.25 M | 27.8% |
| New shares issued | 121 M | 81.5% |
| Offer for sale | 27.5 M | 18.5% |
Business profile (from the prospectus)
Prospectus excerpt shown in the document's original language.
Our Group is a technology solutions provider, 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. We also supply intelligent asset management solutions for customers in other industries such as hospitality, transportation and construction.
Source: company prospectus, PDF page 146.
Use of proceeds (from the prospectus)
| Item | RM'000 | % |
|---|---|---|
| Expansion of corporate office in Sarawak with a mini data centre | 4,400 | 10.1% |
| Expansion of IT operations | 1,860 | 4.3% |
| Expansion of West Malaysia branch office | 1,212 | 2.8% |
| General working capital | 22,181 | 50.9% |
| Strategic investments, mergers and acquisitions opportunities | 9,000 | 20.7% |
| Estimated listing expenses | 4,907 | 11.2% |
Source: company prospectus, PDF page 32.
Financials (from the prospectus)
| FY | Revenue (RM'000) | PATAMI (RM'000) | Margin | EPS (sen) |
|---|---|---|---|---|
| FY2022 | 29,117 | 2,332 | 8.01% | 0.40 |
| FY2023 | 40,617 | 4,788 | 11.79% | 0.90 |
| FY2024 | 31,950 | 6,919 | 21.66% | 1.30 |
| FY2025 | 49,639 | 18,996 | 38.27% | 3.50 |
Latest-FY revenue growth: +55.36%. PE at the IPO price: 10.29. Source: company prospectus (verified excerpts), PDF page 32.
Board context: ACE
Across 217 ACE IPOs in the database: median day-1 close +13.5% (P25 +0.0%, P75 +45.7%), median since-listing -8.0%. 71.0% closed day 1 above their IPO price.
This IPO's day-1 close of +81.9% sits at P84 of its board · This IPO's since-listing of +154.2% sits at P88 of its board
Board peers: ACE
| Symbol | Listed | IPO price | Day 1 close | Since listing | Market cap |
|---|---|---|---|---|---|
| SSF | 12 Oct 2023 | RM 0.25 | +6.0% | +62.0% | RM 200.0 M |
| PPJACK [NS] | 01 Apr 2022 | RM 0.30 | +31.7% | +203.3% | RM 200.4 M |
| SBH | 08 Apr 2024 | RM 0.22 | +15.9% | -13.6% | RM 195.4 M |
| CLOUDPT | 29 May 2023 | RM 0.38 | +35.5% | +71.0% | RM 202.0 M |
| PTRB | 27 Sep 2022 | RM 0.36 | +2.8% | -20.8% | RM 192.6 M |
| UNIPAC | 14 Sep 2026 | RM 0.35 | -11.4% | -32.9% | RM 192.5 M |
| OXB | 29 Jul 2025 | RM 0.29 | +32.8% | +10.3% | RM 205.9 M |
| PEKAT | 23 Jun 2021 | RM 0.32 | +154.7% | +378.1% | RM 206.4 M |
Audit
No audit published for this IPO.