KUALA LUMPUR: Sarawak-based technology solutions provider Insights Analytics Berhad (IAB) has signed an Underwriting Agreement with M & A Securities Sdn Bhd in preparation for its listing on the ACE Market of Bursa Malaysia Securities Berhad this October.
The initial public offering (IPO) will comprise a public issue of 121 million new shares and an offer for sale of 27.5 million existing shares, representing a combined 27% of IAB’s enlarged share capital of 550 million shares upon listing.
Of the new shares, 27.5 million will be allocated to the Malaysian public via balloting, 11 million under the Pink Form scheme for eligible directors, employees, and contributors, while 82.5 million will be offered through private placement.
All 27.5 million offer-for-sale shares are reserved for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
Under the agreement, M & A Securities will underwrite 38.5 million new shares made available to the Malaysian public and under Pink Form allocations.
IAB specialises in water technology solutions for treatment and distribution, with a strong presence in Sarawak. Its customers include Jabatan Bekalan Air Luar Bandar Sarawak (JBALB), Sibu Water Board, Sarawak Water Sdn Bhd and Kuching Water Board.
The company also provides intelligent asset management solutions for industries such as hospitality, transport, and construction.
However, as of Jan 1, 2025, IAB’s unbilled order book stood at RM36.1 million, to be recognised over the next two financial years.
For the financial year ended April 30, 2024, IAB posted revenue of RM32 million and net profit of RM6.9 million, with margins of 40% gross and 21.6% net.
Managing director Frank Wee said the IPO will strengthen IAB’s ability to fund expansion, enhance technological capabilities, and support working capital for ongoing and future projects.
“With 20 years of expertise, we are well-positioned to capitalise on Sarawak’s Water Sector Transformation 2040 agenda and Malaysia’s broader smart city development.”
Furthermore, M & A Securities is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
