KUALA LUMPUR (Dec 2): Main Market-bound ITMAX System Bhd has set its institutional and final retail initial public offering (IPO) price at RM1.07.
In a Bursa Malaysia filing on Friday (Dec 2), the company which is mainly involved in the supply and installation and provision of public space networked systems said the institutional price and the final retail price have been fixed at RM1.07 following the completion of the book-building process under the institutional offering on Thursday (Dec 1).
During its prospectus launch on Nov 25 of an enlarged share capital of 1.03 billion shares upon listing, the company said it expected to raise RM342.4 million from the IPO.
With the 1.03 billion shares, ITMAX is expected to have a market capitalisation of RM1.1 billion at an IPO price of RM1.07.
It also announced a dividend policy of at least 20% targeted payout ratio.
The company expects to raise RM203.89 million through the public issue of 190.55 million new shares.
ITMAX's subsidiary, Sena Traffic Systems Sdn Bhd, focuses on research and development on systems and application softwares, design and assembly of controllers, supply and installation of networked traffic management systems, and provides leased and managed services of video surveillance and analytics systems.
Maybank IB is the principal adviser, joint book-runner, managing underwriter and joint underwriter for the IPO. CIMB Investment Bank is a joint book-runner and joint underwriter, while AmInvestment Bank is a joint underwriter for the exercise.