(From left) CIMB Investment Bank Bhd deputy chief executive officer Nor Mazliza Sulaiman, Itmax System Bhd non-independent non-executive director Tan Sri Dr Tan Boon Hock, managing director and CEO William Tan Wei Lun, Maybank Investment Bank Bhd head of investment banking and advisory Kevin Davies, and AmInvestment Bank Bhd head of corporate finance Ho Weng Yew
KUALA LUMPUR (Nov 10): ITMAX System Bhd has signed an underwriting agreement with Maybank Investment Bank Bhd, CIMB Investment Bank Bhd and AmInvestment Bank Bhd in conjunction with its initial public offering (IPO) on the Main Market of Bursa Malaysia.
The listing exercise will involve an offer for sale of 129.45 million existing shares and a public issue of 190.55 million new shares, for a total of 320 million shares which will be allocated as follows:
- An institutional offering of up to 289.16 million IPO shares, or 28.13% of its enlarged issued share capital, of which 128.5 million will be offered to Bumiputera investors approved by the Ministry of International Trade and Industry, while up to 160.66 million will be offered to institutional and selected investors.
- a retail offering of 30.84 million shares representing 3% of the enlarged issued share capital, of which 10.28 million will be reserved for the directors, employees and persons who have contributed to the success of ITMAX System, while 20.56 million will be reserved for public application via balloting.
ITMAX System is mainly involved in the supply and installation and provision of public space networked systems.
“ITMAX System has come a long way since its days as a mechanical and electrical engineering company. We believe that the IPO will provide us with a platform to replicate our proven business model for the expansion of our smart city applications to federal ministries, and to other states and territories within Malaysia, our research and development capabilities, and into the enterprise market, where we aim to grow our footprint and diversify our markets,” said its managing director and chief executive officer William Tan Wei Lun.
Maybank Investment Bank is the principal adviser, joint bookrunner, managing underwriter and joint underwriter for the IPO. CIMB Investment Bank is a joint bookrunner and joint underwriter, whereas AmInvestment Bank is a joint underwriter for the exercise.
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