KUALA LUMPUR (June 5): Oxford Innotech Bhd, an engineering services firm, signed an agreement for Malacca Securities to underwrite its initial public offering (IPO) on the ACE Market.
Listing is targeted by the third quarter of 2025, Oxford Innotech said in a statement. Under the agreement, Malacca Securities will underwrite the issuance of shares allocated to the Malaysian public and eligible persons under pink form allocations.
“The signing… marks a key milestone that supports our long-term growth ambitions and enhances our scalability to meet the evolving demands of the industries we serve,” said Oxford Innotech managing director Ng Thean Gin.
The Penang-headquartered company specialises in providing precision engineering, mechanical assembly, and automation and robotics systems to semiconductor, electrical and electronics, and automotive sectors.
Proceeds from the IPO will be utilised for the purchase of new machinery and equipment, as well as the construction of a new factory, according to its draft prospectus filed in 2024.
The new assets, including computer-assisted machining tools, will allow the company to expand production capacity amid the rising demand for precision engineering solutions. Oxford Innotech will also set aside some of the proceeds as general working capital and to defray listing expenses.
The proposed IPO will involve a public issue of 143.5 million new ordinary shares, plus an offer for sale of 50 million existing shares which will accrue entirely to a group of shareholders, including Lee Lai Chan, who is also Ng’s wife and executive director at Oxford Innotech.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO, with Wyncorp Advisory Sdn Bhd serving as the corporate finance adviser.