KUALA LUMPUR (June 25): iCents Group Holdings Bhd on Wednesday launched its initial public offering (IPO) at 24 sen a share to raise up to RM34.2 million from the ACE Market.

The cleanroom and facility services firm will receive RM27 million from the IPO while its selling shareholders will get about RM7.2 million from offering of existing shares, according to its prospectus.

Application for the IPO will close on July 2, and the company is scheduled for listing on July 17.

iCents is mainly 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.

Funds raised from the IPO will go towards the purchase of 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.

The remainder of the funds will be used for product development and for new offerings, along with marketing activities, working capital and listing-related expenses.

“We are ready to embark into a new phase of our growth journey and strengthen our market presence”, said iCents managing director Vincent Ong Mum Fei.

Under the public issue, 25 million shares are allocated to the Malaysian public, followed by 25 million shares to eligible applicants and 62.5 million shares to approved Bumiputera investors. The company will have a market capitalisation of RM120 million upon listing.

Ong, as well as executive directors Foo Siang Leng and Tan Wei Ying, who are husband and wife, are putting up part of their existing shares in iCents for sale. 

Alliance Islamic Bank is the principal adviser, sponsor, sole underwriter, and placement agent for the IPO.

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