This is in conjunction with its proposed listing on the Main Market of Bursa Securities, ITMAX has unveiled its initial public offering (IPO) prospectus today.
The prospectus launch was held at the Pavilion Hotel Kuala Lumpur.
The listing is set for December 13, 2022.
The IPO exercise involves an offer for sale of approximately 129.45 million existing ordinary shares in the Company and will also raise approximately RM203.89 million through a public issue of approximately 190.55 million new Shares at RM1.07 per Share.
ITMAX has earmarked 41.7% of the proceeds raised from the public issue for the expansion of its smart city application. 6.1% and 9.8% have been budgeted for the expansion of its research and development capabilities and expansion into enterprise market respectively. Another 19.4% has been allocated towards the network and telecommunication infrastructure expansion, 14.3% for working capital and 3.9% for the repayment of borrowings. The remaining proceeds will be for the 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% of its profit after tax attributable to owners of the Company on a consolidated basis.
“Over the years, through our research and development, ITMAX has carved out a unique position within the public space networked systems sector with smart traffic lights system, smart street lighting and smart video surveillance systems to our portfolio to form the backbone for our clients’ smart city infrastructure deployments. Our systems include the incorporation and use of artificial intelligence with machine learning and deep learning algorithms to help our customers in identifying specific events automatically as it happens that enable better city planning and management,” ITMAX’s non-independent managing director and chief executive officer Mr. Tan Wei Lun (William) said.
“Dedicated to maintaining a high level of service performance for our clients, with reliable systems uptime and security, ITMAX has invested in our own fibre optic communications network for the dedicated use for these smart public space networked systems. The fibre optic network infrastructures serve as the communication backbone to support our systems, services and further enhance IoT applications,” he added.
“ITMAX’s listing on Bursa Malaysia is part of our 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. Fuelling our journey, ITMAX will continue to expand our research and development capabilities which are crucial to ensure continuous breakthroughs in technologies for smart city solutions,” he remarked.
“We are honoured to support our own home-grown company in the technology space crucial for Malaysia’s Smart City initiatives. ITMAX’s IPO is the only public offering in ASEAN by an integrated systems and solutions provider for smart cities. The demand, as seen from the quality cornerstone investors coming on board, has validated the importance of a strong, distinct and resilient business model that will stand out in times of uncertainty,” Maybank Investment Bank Berhad chief executive officer Dato’ Fad’l Mohamed said.
The public issue portion of the IPO will be made available from today onwards and will close on 1 December 2022 at 5.00 p.m.
Maybank Investment Bank is appointed as the Principal Adviser, Joint Bookrunner, Managing Underwriter and Joint Underwriter for the IPO. WHilst, CIMB Investment Bank is the Joint Bookrunner and Joint Underwriter whereas AmInvestment Bank is the Joint Underwriter for the IPO.
