25/11/2022 04:25 PM

KUALA LUMPUR, Nov 25 (Bernama) -- ITMAX System Bhd has launched its prospectus in conjunction with its proposed listing on the Main Market of Bursa Malaysia Securities Bhd on Dec 13.

The company is primarily involved in the business of supply, installation and provision of public space networked systems.

ITMAX managing director and chief executive officer Tan Wei Lun said the listing on Bursa Malaysia is part of the company's next stage of growth.

“Moving forward, we are seeking to increase our presence and market share outside of the central region with plans also to foray into new target segments by providing networked systems for residential township development and commercial development projects.

“To facilitate this market expansion, ITMAX plans to continue to widen our fibre optic communications network as well as setting up a data lake facility in the Klang Valley,” he said at the company’s initial public offering (IPO) prospectus launch at Pavilion Hotel today.

The IPO exercise will involve an offer for the sale of 129.45 million existing ordinary shares in the company, and also raise RM203.89 million through a public issue of 190.55 million new shares at RM1.07 per share.

ITMAX said 41.7 per cent of the proceeds will be utilised for the expansion of its smart city application, 19.4 per cent for the network and telecommunication infrastructure expansion, 14.3 per cent for working capital, 9.8 per cent for its expansion into the enterprise market, 6.1 per cent for the expansion of its research and development capabilities, 3.9 per cent to repay borrowings and the remaining for its IPO and listing-related expenses.

Based on the enlarged issued share capital of approximately 1.03 billion shares and share price of RM1.07 per share, the market capitalisation works out to approximately RM1.1 billion.

The group also intends to declare a yearly dividend equivalent to at least 20 per cent of its profit after tax attributable to owners of the company on a consolidated basis.

The public issue portion of the IPO will be made available from today onwards and will close on Dec 1 at 5 pm.

Maybank Investment Bank Bhd will act as the principal adviser, joint bookrunner, managing underwriter and joint underwriter, CIMB Investment Bank Bhd as the joint bookrunner and joint underwriter, and AmInvestment Bank Bhd as the joint underwriter for the IPO.


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