KUALA LUMPUR (Sept 9): THMY Holdings Bhd, which provides testing systems for circuit boards, has signed an underwriting agreement with Affin Hwang Investment Bank Bhd for its ACE Market listing.

The initial public offering (IPO) targeted for the fourth quarter of 2025, THMY said in a statement. Under the agreement, Affin will underwrite the IPO shares allocated to the Malaysian public and eligible persons under pink form allocations.

“We intend to leverage our core competency in automated test solutions to expand our market share” driven by demand for electrical and electronics products, generative artificial intelligence, data centres, and advanced digital infrastructure, said THMY chief executive officer Ooi Can Nix.

The proposed IPO will involve public issue of new shares and offer for sale of existing shares at a price to be determined later. Overall, the upcoming listing will offer investors up to 26.2% stake in the Penang-based company.

Proceeds from the public issue will be used to construct a new factory, repay bank borrowings, fund design, research and development, provide working capital, and cover listing expenses, according to its draft prospectus posted earlier.

Under the public issue, 44.4 million new shares will be allocated to the Malaysian public, 23.53 million to eligible persons, 53.78 million to selected investors via private placement, and 22.2 million to approved Bumiputera investors.

Ooi and executive director Loh Chee Fak are the co-founders of THMY. Proceeds from the offer for sale of 88.8 million existing shares will accrue to Ooi and his wife Chu Mooi Leng.

THMY is planning to raise production capacity through the new factory and additional assembly workstations, while expanding its customer base and penetrating high-growth market segments.

To strengthen its regional presence, the company will also establish a support and maintenance office in Thailand, aimed at providing faster and more responsive customer service.

THMY's customer base currently spans Europe, North America and the Asia-Pacific, serving industries ranging from technology to healthcare.

Affin Hwang Investment Bank is acting as principal adviser, sponsor, sole placement agent and sole underwriter for the IPO.

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