KUALA LUMPUR (June 6): iCents Group Holdings Bhd, a cleanroom and facility services firm, signed an agreement with Alliance Islamic Bank to underwrite its initial public offering (IPO) on the ACE Market.
Listing is targeted by July 2025, iCents said in a statement. Under the agreement, Alliance Islamic Bank will underwrite the issuance of new shares allocated to the Malaysian public and eligible persons.
“With the signing of the underwriting agreement today, we are one step closer to our listing on the ACE Market,” said managing director Vincent Ong Mum Fei. “This will provide us with the financial resources and flexibility needed to accelerate our strategic growth plans.”
iCents is primarily involved in providing cleanroom services, including engineering, procurement, construction, and testing and commissioning of cleanrooms catering to semiconductor and electronics manufacturing, data centres, pharmaceutical, and life sciences sectors.
Beyond cleanroom services, the company also provides a range of facility services, including machinery and equipment hook-up, supply and installation of heavy-duty ceiling systems, construction works, and maintenance services for various facilities.
Proceeds from the IPO will be used to purchase new machinery and equipment, as well as for business expansion, which includes establishing a new facility in Negeri Sembilan and opening new offices in Indonesia, Singapore, and Sarawak.
iCents also plans to use the funds for product development and patents for new offerings, along with marketing activities, working capital, and listing expenses.
The IPO will comprise a public issue of 112.5 million new shares, along with an offer for sale of 30 million existing shares by Ong, as well as executive directors Foo Siang Leng and Tan Wei Ying, who are husband and wife.
Following the IPO, Ong and Foo will each hold a direct and indirect stake of 35.75%, while Tan will hold an indirect stake of 35.75%.
Alliance Islamic Bank is the IPO’s principal advisor, sponsor, sole underwriter, and placement agent.