KUALA LUMPUR: End-to-end piping solutions provider, ISF Group Bhd, has garnered positive interest from investors for its initial public offering (IPO), which has been oversubscribed by 31.14 times ahead of its listing on the ACE Market of Bursa
Malaysia.
Managing director Jeff Ai Boon Chen said the company is encouraged by the positive response to the IPO, which reflects investors’ confidence in the business model and long-term growth prospects.
He said the funds raised will allow the company to scale operations, further strengthen existing business activities, and grow its workforce to support future projects and sustainable growth.
“Looking ahead, we believe the outlook remains positive, underpinned by Budget 2026 initiatives that promote home ownership and drive demand for potable water and sewer piping infrastructure in residential developments.
“Additionally, the government’s push to strengthen digital infrastructure, including the establishment of the National AI Office to position Malaysia as a key player in the global digital economy, continues to support the outlook for data centres.
“Together, these trends are expected to underpin sustained demand and long-term growth for the business,” he said in a statement.
ISF’s IPO comprises a public issue of 185.30 million shares at RM0.33 per share, representing 18.53% of its enlarged share capital and raising RM61.15 million.
In addition, 90.00 million existing shares, or 9.00% of the enlarged share capital, are being offered for sale via private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
Of the 50.00 million shares allocated to the Malaysian public, ISF received 11,446 applications for 1.61 billion shares valued at RM530.29 million, translating into an oversubscription rate of 31.14 times.
Applications from the Bumiputera public totalled 5,159 for 469.58 million shares, an oversubscription of 17.78 times, while the public portion attracted 6,287 applications for 1.14 billion shares, representing an oversubscription of 44.49 times.
The 15.00 million ahares reserved for eligible directors, employees and contributors to the ISF Group were fully subscribed.
All shares allocated via private placement, as well as the offer shares placed with selected Bumiputera investors approved by Miti, have also been fully taken up.
Notices of allotment will be issued on January 27, 2026.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, and sole underwriter
and placement agent for this IPO exercise.
ISF, 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 provides maintenance and repair services for piping systems.
Since commencing business operations in 2001, the group initially operated as a
trader of plumbing materials.
Building on a strong and proven track record, the group has since undertaken numerous projects, including large-scale projects across a broad range of end-user premises.
These projects cover industrial, data centre, residential, commercial, institutional and healthcare, as well as infrastructure such as power plants and mass transit facilities.
As of December 9, 2025, the group’s unbilled order book stood at RM120.68 million, of which RM117.47 million relates to end-user premises piping projects, while the remaining RM3.21 million is made up by infrastructure piping projects.
This is expected to provide earnings visibility to the group up to the financial year ending December 31,
2028.
ISF is scheduled to be listed on the ACE Market of Bursa Malaysia on January 28, 2026.
Upon listing, the group will have a market capitalisation of RM330.00 million based on its enlarged issued share capital of 1.00 billion shares and an IPO price of RM0.33 per share.
