(From left) HaaS Technologies Sdn Bhd CEO Gavin Loh Kuo Hsiung, Kenanga Investment Bank senior vice-president Datuk Kenny Yong Foo Ken, ICT Zone Asia Bhd independent BOD Karen Yap Pik Li, ICT Zone Asia independent non-executive board of director (BOD) Chong Pei Nee, ICT Zone Asia COO Vincent Ng Soon Kiat, Malacca Securities Sdn Bhd managing director Lim Chia Wei, ICT Zone Asia non-independent non-executive chairman Datuk Seri Ng Thien Phing, ICT Zone Asia CEO and MD Tommy Lim Kok Kwang, SCS Global Advisory (M) Sdn Bhd executive director Phua Yee Boon, ICT Zone Asia independent non-executive BOD Sim Shu Mei, ICT Zone Holding Sdn Bhd director Kwan Thean Poh, Malacca Securities co-head, corporate finance Jason Chan Kai Lok, and ICT Zone Asia substantial shareholder Choo Chin Thye at the IPO prospectus launch on Tuesday. (Photo by Shahrin Yahya/The Edge).
KUALA LUMPUR (May 13): ICT Zone Asia Bhd, a tech financing solutions provider, has launched its initial public offering (IPO) as part of its transfer from the LEAP Market to the ACE Market, aiming to raise RM26.6 million.
Priced at 20 sen per share, the IPO includes 133 million new shares and an offer for sale of up to 21 million existing shares via private placement to selected Bumiputera investors.
Of the 133 million new shares on offer, 39.77 million are for the public; 4.14 million for eligible persons; and 89.09 million for private placement to Bumiputera investors.
The IPO represents 16.72% of its enlarged share capital, offering investors a 23.62% stake in the company.
Applications close on May 20, and listing is set for June 3.
WATCH: ICT Zone Asia launches ACE Market IPO
“This IPO positions us to scale further and accelerate our leadership in technology financing. Our model is built for sustainability, with recurring income and a growing unbilled order book driving long-term visibility.”
“With the capital raised, we aim to strengthen our presence and remain focused on achieving our RM500 million unbilled order book target within three years,” the group’s managing director and chief executive officer Tommy Lim Kok Kwang said in a statement.
ICT Zone Asia will use the RM26.6 million raised from its public issue to buy ICT assets for its tech financing business (RM21 million), RM1.5 million for sales and marketing, and the rest to cover listing expenses for its ACE Market transfer.
Proceeds from the offer for sale, involving up to 6.9% of its enlarged share base, meanwhile, will accrue entirely to its selling shareholders, ICT Zone Holding Sdn Bhd, and co-founder and non-executive chairman Datuk Seri Ng Thien Phing, who collectively hold 72.85% in ICT Zone Asia now.
Ng is also the founder and executive chairman of Main Market-listed property group SkyWorld Development Bhd (KL:SKYWLD).
The IPO includes a six-month ban on share sales by major shareholder ICT Zone Holding, managing director Lim Kok Kwang, his family members, and Ng’s sisters. After that, 45% of their shares will stay locked for another six months, and then they can sell up to one-third of the locked shares each year.
ICT Zone Asia reported a net profit of RM4.42 million for the second half ended Jan 31, 2025, down 16.8% from a year earlier due to higher finance and staff costs, and one-off listing expenses. However, revenue rose 24.8% to RM70.1 million, driven by growth in technology financing and trading. For the full year, net profit hit a record RM8.8 million, up 20%, while revenue rose 11.7% to RM127.8 million.
Malacca Securities is the principal adviser, sponsor, joint underwriter and joint placement agent for the IPO, while Kenanga Investment Bank is the joint underwriter and placement agent. SCS Global Advisory (M) Sdn Bhd is the financial adviser for the transfer listing.