KUALA LUMPUR: ISF Group Bhd has signed an underwriting agreement with Alliance Islamic Bank Bhd in conjunction with its upcoming initial public offering on the ACE Market of Bursa Malaysia.
The end-to-end piping solutions provider said Alliance Islamic Bank will underwrite 65 million new shares allocated to the Malaysian public and eligible persons under the IPO exercise.
ISF, which operates through its subsidiary Yeo Plumber Sdn Bhd, is involved in the supply, installation, maintenance and repair of piping systems for water supply and sewer infrastructure, as well as end-user premises including industrial, data centres, residential and infrastructure projects.
The group’s IPO comprises the issuance of 185.3 million new shares and an offer for sale of 90 million existing shares. Proceeds from the IPO will be used to expand operational facilities, strengthen business activities and grow its workforce.
As at May 27, 2025, ISF’s unbilled order book stood at RM103.53 million, providing earnings visibility until end-2028.
Managing director Jeff Ai Boon Chen said the group is well positioned to benefit from rising investments in data centres and related infrastructure in Malaysia.
Alliance Islamic Bank is the principal adviser, sponsor, sole underwriter and placement agent for ISF’s IPO.
