KUALA LUMPUR (July 10): One Gasmaster Holdings Bhd, which provides environmental monitoring, gas detection and gas piping services, as well as industrial hygiene services, is seeking to raise funds from a planned initial public offering (IPO) on the ACE Market of Bursa Malaysia for expansion and funding its working capital requirements.

The proposed IPO involved a public issue of 77.5 million shares, which represents 25% of its enlarged issued shares, and an offer for sale of 15.5 million existing shares at a price to be determined later, according to the draft prospectus filed with Bursa Malaysia.

Under the proposed public issue, the company has set aside 15.5 million new shares for the public, 3.1 million shares for eligible persons, and 58.9 million shares to selected investors through private placement.

Headquartered in Sunway Damansara Technology Park, the company was co-founded by Ivan Tan Kean Yok and IPSH Sdn Bhd on Dec 31, 1997. Subsequently, IPSH disposed of its entire stake in One Gasmaster to Kean Yok and his spouse, Tan Bee Sien.

Kean Yok is the managing director and chief executive officer of the company.

Bee Sien will sell part of her shares under the offer for sale, reducing her ownership to 5.2% from 13.6% currently.

The company is principally involved in environmental monitoring, gas detection and gas piping, as well as industrial hygiene services.

It also provides maintenance and calibration services through its ISO/IEC 17025 certified calibration laboratory, ensuring accurate and reliable system performance.

Additionally, it trades products, including instruments, parts and components.

The company serves a diverse range of customers across multiple end-user industries, including oil and gas, power generation, manufacturing, food and beverage services and chemical sectors.

In the financial year ended Dec 31, 2024 (FY2024), the company made a profit after tax (PAT) of RM5.56 million on revenue of RM38 million, with the bulk of it derived from the domestic market.

Its PAT margin stood at 14.64% in FY2024, improving from 13.12% in FY2023, and 11.96% in FY2022.

The company does not have a formal dividend policy.

Malacca Securities Sdn Bhd is the sole principal adviser, sponsor, underwriter and placement agent for the IPO.