KUALA LUMPUR (Dec 2): Main market-linked ITMAX System Bhd has set its institutional and final initial public offering (IPO) price at RM1.07.
In a filing filed by Bursa Malaysia on Friday (December 2), the company, which is primarily involved in the supply, installation and deployment of connected systems for public spaces, said the institutional price and final retail price will be adjusted to December 1 after completion .07 RM set the bookbuilding process in the institutional offering on Thursday (December 1).
During the November 25 prospectus release of an enlarged share capital of 1.03 billion shares at the IPO, the company said it expects to raise RM342.4 million from the IPO.
With 1.03 billion shares, ITMAX is expected to have a market capitalization of RM1.1 billion at an IPO price of RM1.07.
It also announced a dividend policy with a target payout ratio of at least 20%.
The Company expects to raise RM203.89 million through the public offering of 190.55 million new shares.
ITMAX’s subsidiary, Sena Traffic Systems Sdn Bhd, focuses on research and development of systems and application software, design and assembly of controllers, supply and installation of networked traffic management systems, and provides leased and managed services for video surveillance and analysis systems .
Maybank IB is the principal adviser, joint bookrunner, managing underwriter and joint underwriter for the IPO. CIMB Investment Bank is a joint bookrunner and joint underwriter, while AmInvestment Bank is a joint underwriter for exercise.
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ITMAX has a market capitalization of RM1.1 billion with an IPO price of RM1.07
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