ITMAX System Berhad has successfully premiered on the Main Market of Bursa Malaysia Securities Berhad. The share price opened at RM1.07, with an opening volume of 18.53 million shares, representing a 42.06% premium over the Initial Public Offering price of RM1.07. The Group is listed under the stock name of ‘ITMAX’ and stock code of ‘5309’.
The firm has raised RM203.89 million through the public issue of 190.55 million new shares. Out of the total proceeds raised, the group has allocated RM85.00 million for the expansion of its smart city application. Meanwhile, RM12.50 million and RM20.00 million have been budgeted for the expansion of its research and development capabilities and enterprise market respectively. Another RM39.50 million has been allocated towards the network and telecommunication infrastructure expansion and RM29.08 million for working capital while RM8.00 million will be for the repayment of borrowings. The remaining proceeds will be for the listing-related expenses. Including the offer for sale portion, ITMAX’s initial public offering will raise RM342.4 million in total.
Managing Director William Tan Wei Lun said, “This is a major milestone as we begin to tap into the capital markets to support our expansion which will enhance the public’s awareness of what we do. We will continue to do more R&D, leveraging our local talent. We want to create as well as innovate new technologies, especially in the area of Artificial Intelligence and Machine Learning. We want to bring more practical solutions to the public space network market and help build safe, healthy, and connected communities. We will also expand our telecommunication and data systems infrastructure to ensure that we have a solid foundation to support these systems.”
“We are proud to welcome the arrival of our new shareholders and we shall strive to deliver an absolute return as set out in our dividend policy to pay out at least 20% of our yearly profit after tax,” he added.
Maybank Investment Bank Berhad is the Principal Adviser, Joint Bookrunner, Managing Underwriter, and Joint Underwriter for the IPO. CIMB Investment Bank Berhad is the Joint Bookrunner and Joint Underwriter whereas AmInvestment Bank Berhad is the Joint Underwriter for the IPO.
