KUALA LUMPUR (Dec 10): ISF Group Bhd has signed an underwriting agreement with Alliance Islamic Bank Bhd ahead of its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
The bank will underwrite 65 million shares allocated to the public and pink form subscribers.
Under the IPO, ISF will issue a total of 185.3 million new shares (18.53% of enlarged share capital), while the controlling Ai family will offer 90 million existing shares for sale (9%), the company said in a statement on Wednesday.
Of the new shares, 50 million will be offered to the public, 15 million to eligible employees, 35 million to Ministry of Investment, Trade and Industry (Miti)-approved Bumiputera investors, and 85.3 million to selected investors.
All 90 million offer-for-sale shares will also be placed out to Miti-approved Bumiputera investors.
Alliance Islamic Bank is the principal adviser, sponsor, sole underwriter and placement agent for the IPO.
ISF, via subsidiary Yeo Plumber Sdn Bhd, provides end-to-end piping solutions for end-user premises as well as water supply and sewer infrastructure. The Johor-founded group has delivered projects across Peninsular Malaysia for industrial, data centre, residential, commercial, institutional, healthcare and infrastructure developments.
Its unbilled order book stood at RM103.53 million as at May 27, 2025, offering earnings visibility through 2028.
“The proceeds from the IPO will support our strategic initiatives to establish and expand our operational facilities, develop our existing business activities and grow our workforce," ISF managing director Jeff Ai Boon Chen said.
"This will enhance our ability to meet rising market demand, especially since our involvement in data centre projects has been steadily increasing,” he added.
He also noted that the group is poised to benefit from rising data centre demand, supported by Malaysia’s RM113.8 billion in data centre-related investments from 2021–2024 and projected 22.4% annual growth in the industry through 2030.
Post-IPO, Boon Chen, together with executive directors Ai Sew Fuat and Lim Ay Yun, will own a 60% stake in ISF via private vehicle ASF Eternity Sdn Bhd. Boon Chen will also own a 12.47% indirect stake in the company.