Family-run piping firm ISF Group surges on ACE Market debut

Thursday 08 Oct 2026

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KUALA LUMPUR (Jan 28): ISF Group Bhd (KL:ISF) surged on its listing day on the ACE Market of Bursa Malaysia, bucking the broader market's decline on Wednesday.

Shares of the family-run piping firm opened at 50 sen versus its initial public offering (IPO) price of 33 sen per share. The stock rose to as high as 52 sen during the morning trading session, before paring down some of its gain to close at 48 sen after more than 264 million shares changed hands.

The closing price gave the company a market capitalisation of RM480 million.

The debut follows strong demand for a slice of ISF Group, which mainly installs piping systems on industrial properties, during its IPO, with applications from public investors exceeding the amount of shares available for subscription by more than 31 times.

ISF Group is mainly involved in the supply and installation of piping systems for end-user premises as well as water supply and sewer infrastructure piping. The group also provides maintenance and repair services for piping systems.

The company was co-founded by Ai Sew Fuat and his wife Lim Ay Yum. Both are executive directors, with Ai responsible for project execution while Lim is in charge of finances and administration.

"This reflects the sustained efforts of our team, as well as the strong foundation established by my family, which has enabled the business to progress to this stage over the years,” said ISF Group managing director Jeff Ai Boon Chen, who is also their son.

The IPO raised over RM61 million for ISF Group and close to RM30 million for the founding family from the sale of 28% of the company based in Pontian.

ISF Group is setting aside about 19% from the funds raised from the IPO’s public issue to set up and expand operational facilities, including a new head office at its home base. Proceeds have also been earmarked to buy machinery and equipment as well as hire dozens of new staff.

The company is also seeking to expand geographically by setting up one office in Selangor or Negeri Sembilan, and one in Penang to support project implementation in the central and northern regions of Peninsular Malaysia.

Nearly two-thirds of the IPO proceeds, however, would be used as working capital to purchase materials for operations and pay subcontractors.

Post-listing, the collective stake of Ai, Lim and their son was reduced to about 72%.

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

Edited ByJason Ng

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