ITMAX System has inked an underwriting agreement with Maybank Investment Bank , CIMB Investment Bank and AmInvestment Bank in conjunction with its initial public offering (IPO) on the Main Market of Bursa Malaysia Securities Berhad.
The Group is principally involved in the supply and installation and provision of public space networked systems.
ITMAX System’s IPO involves an offer for sale of 129,446,400 existing shares and a public issue of 190,553,600 new shares.
The 320,000,000 IPO shares will be offered to two main categories i.e. institutional offering and retail offering.
The institutional offering of up to 289,160,000 IPO shares representing up to 28.13% of ITMAX System’s enlarged issued shares. Of which, 128,500,000 shares will be offered to Bumiputera investors approved by the Ministry of
International Trade and Industry; and up to 160,660,000 shares will be offered to institutional and selected investors.
Whilst, retail offering of 30,840,000 shares representing 3.0% of the enlarged issued shares consists of 10,280,000 shares will be reserved for the directors, employees and persons who have contributed to the success of the Group; and 20,560,000 shares will be reserved for application by the Malaysian public via balloting.
“ITMAX System has come a long way since its days as a mechanical and electrical engineering company. We believe that the IPO will provide us with the platform to replicate our proven business model for the expansion of our smart city applications to federal ministries and to other states and territories within Malaysia, our R&D capabilities and into the enterprise market, where we aim to grow our footprint and diversify our markets,” ITMAX System’s Managing Director and Chief Executive Officer, William Tan Wei Lun said.
Maybank Investment Bank Berhad is the Principal Adviser, Joint Bookrunner, Managing Underwriter and Joint Underwriter for the IPO. Meanwhile, CIMB Investment Bank Berhad is the Joint Bookrunner and Joint Underwriter whereas AmInvestment Bank Berhad is the Joint Underwriter for the IPO.
