KUALA LUMPUR (July 8): ITMAX System Bhd is is offering up to 320 million shares in an initial public offering (IPO) as it seeks to list on Bursa Malaysia’s Main Market, according to its prospectus exposure published on the Securities Commission Malaysia's website on Thursday (July 7).

The 320 million shares comprise 190.55 million new shares and an offer for sale of 129.45 million existing shares.

The issue price as well as the opening and closing dates of the IPO have yet to be fixed.

The institutional offering involves the offering of up to 289.160 million IPO shares (comprising up to 129,45 million offer shares and 159.71 million issue shares), representing up to 28.13% of the enlarged issued shares.

It will offer 128.5 million shares or 12.50% enlarged issued shares to bumiputera investors approved by the MITI; and up to 160.66 million shares to the Malaysian institutional and selected investors.

Based on the prospectus exposure, ITMAX is principally involved in the business of supply and installation and provision of public space networked systems and investment holding while its sole subsidiary, STS is principally involved in the R&D on systems and application software, design and  assembly of controllers, supply and installation of networked traffic management system, and providing leased and managed services of video surveillance and analytics systems.

On its competitive strengths, the company said it designed and developed  networked video surveillance, lighting and traffic management systems in-house which continues to serve as the platform for its business expansion and growth.

ITMAX said its networked video surveillance, lighting and traffic management systems were designed and developed by our in-house R&D team.

“Our business model comprises two main pillars, one of which is project based on lump sum contracts, while the other is usage of our facilities based on monthly recurring revenues.

“As at the latest practicable date, we own a metropolitan area network in Kuala Lumpur comprising approximately 400 km of 48-core fibre optic cables with associated transmission and switching equipment to provide broadband bandwidth up to a maximum of 60 gigabits per second,” it said.