KUALA LUMPUR: End-to-end piping solutions provider ISF Group Bhd signed an underwriting agreement with Alliance Islamic Bank Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
ISF’s IPO involves the issuance of 185.3 million new shares, representing 18.53% of its enlarged share capital, alongside an offer-for-sale of 90 million existing shares (9.0%).
Of the new shares, 50 million will be allocated to the Malaysian public, 15 million to eligible directors and employees, 35 million to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti), and 85.3 million to selected investors via private placement.
All 90 million offer-for-sale shares will be placed with approved Bumiputera investors.
Under the underwriting agreement, Alliance Islamic Bank will underwrite 65 million shares allocated to the public and eligible persons.
ISF Group managing director Jeff Ai Boon Chen said the signing of this underwriting agreement marks an important step forward as the company progress toward listing on the ACE Market of Bursa Malaysia.
“The proceeds from the IPO will support our strategic initiatives to establish and expand our operational facilities, develop our existing business activities and grow our workforce.
“This will enhance our ability to meet rising market demand, especially since our involvement in data centre projects has been steadily increasing.
“Our growth prospects remain attractive. Malaysia continues to attract strong
investments in data centres, cloud computing, and data hosting projects, totalling RM113.8 billion between 2021 and 2024.
“The establishment of the National AI Office by the Malaysian government further supports this and is expected to drive the expansion of the domestic data centre industry, which is projected to grow between 2025 and 2030 at a compound annual growth rate of 22.4% to reach RM59.6 billion by 2030.
“Against this backdrop, we are well positioned to support rising demand for
reliable and quality end-to-end services for piping systems, water supply and sewer
infrastructure piping solutions across the industries we serve,” he said in a statement.
ISF Group, through its subsidiary, Yeo Plumber Sdn Bhd, supplies and installs piping systems for end-user premises as well as water supply and sewer infrastructure piping.
Beyond this, the group also provides maintenance and repair services for piping systems.
Since commencing business operations in 2001, the group has been a trader in plumbing materials.
With a proven track record in this business, the group has undertaken numerous projects, including large-scale projects across a diversified range of end-user premises.
These projects span industrial, data centres, residential, commercial, institutional, healthcare, and infrastructure, such as power plants and mass transit facilities.
Founded in Johor, the group has since completed projects across Peninsular Malaysia, establishing a nationwide footprint through its ability to serve diverse locations and a range of end-user premises.
The group’s unbilled order book stood at RM103.53 million as of May 27, 2025
providing earnings visibility up to December 31, 2028.
Alliance Islamic Bank is the principal adviser, sponsor, sole underwriter and placement agent for the IPO exercise.
