KUALA LUMPUR: iCents Group Holdings Bhd has launched its prospectus in conjunction with its listing on the ACE Market of Bursa Malaysia, which is scheduled for July 17.

The initial public offering (IPO) is expected to raise proceeds of RM27mil.

The cleanroom and other facilities provider will have a market capitalisation of RM120mil upon listing based on an enlarged issued share capital of 500 million shares and an IPO price of 24 sen per share.

The company will issue 112.50s million shares, representing 22.50% of its enlarged issued share capital upon listing. There will also be an offer for sale of 30 million existing shares.

Of the new shares issued, 25 million will be made available to the public via balloting, 10 million to its eligible directors, employees and persons who have contributed to the group’s success and 15 million privately placed with selected investors.

The remaining 62.50 million new shares will be privately placed to bumiputra investors approved by the Investment, Trade and Industry Ministry.

In addition, the 30 million existing shares will be offered to selected investors through private placement.

“The IPO proceeds will support key initiatives towards our business expansion plans including the purchase of machinery and equipment to enhance our in-house manufacturing capabilities, strengthening and expanding our presence across foreign geographical markets such as Indonesia, Singapore and Sarawak, as well as the funding for working capital requirements,” said Foo Siang Leng, executive director of iCents Group.

A portion of the funding will also be utilised for product development and marketing activities, according to the company.

Alliance Islamic Bank is the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise.

iCents Group provides services, encompassing engineering, procurement, construction, and testing and commissioning of cleanrooms, as well as manufacturing fixtures and related products.

The company is also involved in the provision of other facility services including the hook-up of machinery and equipment, supply and installation of heavy-duty ceiling systems, construction services and maintenance services.

The group caters to sectors such as semiconductor and electronics, data centres, life sciences and pharmaceutical product manufacturing.