KUCHING: Sarawak-grown technology firm, Insights Analytics Bhd (IAB), is taking its next leap on the national stage, seeking to raise RM43.6 million from its ACE Market listing to fuel expansion from smart water systems into wider digital infrastructure.
Of the total, RM22.2 million (50.9 per cent) will go towards working capital, particularly for projects in smart water management and Sarawak’s broader smart city development initiatives.
Another RM9 million (20.7 per cent) will be channelled into investments and acquisitions to strengthen its technology base, while RM4.4 million (10.1 per cent) will fund the expansion of its Sarawak corporate office, which will include a mini data centre.
A further RM1.86 million (4.3 per cent) will enhance in-house IT operations to support research and development, RM1.21 million (2.8 per cent) will expand its West Malaysia branch, and RM4.9 million (11.2 per cent) will cover listing expenses.
IAB’s Managing Director, Frank Wee, said the funds would strengthen liquidity and support its expansion across multiple sectors.
“Our water technology segment is expected to benefit from rising demand for operational efficiency and efforts to reduce non-revenue water, while government initiatives are encouraging greater use of technology for sustainable resource management,” he said.
He said this during its IPO prospectus launch at Hikmah Exchange Event Centre on Tuesday.
He said IAB, founded in Sarawak two decades ago, first made its mark by addressing water losses and strengthening supply systems, with its breakthrough coming during the pandemic when the company deployed its Intelli Water System for the Jabatan Bekalan Air Luar Bandar (JBALB) command centre.
“Despite travel restrictions and on-site limitations, our team worked tirelessly to integrate smart sensors, pumps and SCADA monitoring systems into a unified platform.
“Against the odds, we delivered, proving that our technology works in the real world, and that a Sarawak-based company can lead the way in digitalising water infrastructure,” he said.
Wee noted that the success opened new opportunities, allowing IAB to diversify into hospitality, transport and construction through solutions such as IntelliHotel, IntelliTrack and IntelliConstruct, helping clients improve efficiency, safety and sustainability.
He said the company’s key customers include JBALB, Sibu Water Board, Sarawak Water Sdn Bhd (formerly LAKU Management) and Kuching Water Board.
For the financial year ended April 30, 2025, IAB recorded RM49.6 million in revenue and a RM19 million net profit, achieving a gross profit margin of 59.8 per cent and a net margin of 38.2 per cent, according to company data.
As of September 8, 2025, its unbilled order book stood at RM35.3 million, to be recognised progressively over the next six financial years.
He said IAB’s growth aligns closely with Sarawak’s Post COVID-19 Development Strategy (PCDS) 2030, which envisions a high-income, data-driven and sustainable economy.
He added that the company is also positioned to tap Sarawak’s Water Sector Transformation 2040 (WST 2040) and Malaysia’s broader smart city infrastructure drive.
“As Sarawak advances digital transformation, green energy and sustainable development, our technology is ready to deliver analytics, AI platforms and smart monitoring that support ESG compliance, resource efficiency and measurable impact,” he said.
Looking ahead, Wee said IAB plans to expand its capabilities in artificial intelligence (AI) and digital twins to power smarter infrastructure systems and build interconnected, intelligent cities.
“This will be supported by partnerships in non-invasive pipeline assessments, predictive analytics for leak detection, AI-driven insights and next-generation monitoring technologies,” he said.
At an IPO price of RM0.36 per share, IAB’s market capitalisation is projected at RM198 million, based on an enlarged share capital of 550 million shares, the company said.
The IPO involves 121 million new shares and an offer for sale of 27.5 million existing shares, representing 22 per cent and 5 per cent of the enlarged share capital respectively.
Of the new shares, 27.5 million will be made available to the Malaysian public, 11 million under Pink Form Allocations for eligible directors, employees and contributors, and 41.25 million each for private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI) and selected investors.
The entire offer for sale will also be placed out to Bumiputera investors approved by MITI.
The IPO is open for subscription from October 7 to 13 this year, and the prospectus is available on Bursa Malaysia’s website.
IAB’s listing on the ACE Market is tentatively scheduled for October 27, with M&A Securities Sdn Bhd serving as adviser, sponsor, underwriter and placement agent.
Wee said the listing reflects not only IAB’s strong fundamentals but also Sarawak’s growing capacity to build technology companies that can scale nationally.
“At our core, we are a company rooted in Sarawak, with a national outlook and regional ambitions. This listing is not the end – it is a steppingstone toward greater innovation, broader reach and deeper impact,” he said.
