ISF Group Berhad, a leading provider of end-to-end piping solutions, has launched its prospectus for an initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad. The company aims to raise RM61.15m at an IPO price of RM0.33 per share, with Alliance Islamic Bank Berhad acting as the principal adviser, sponsor, sole underwriter, and placement agent.
The proceeds from the IPO will be allocated to various growth initiatives, including RM11.35m for establishing and expanding operational facilities, RM2.05m for developing existing business activities, and RM1.85m for workforce expansion. Additionally, RM39.90m will be used for working capital, with the remainder allocated to loan repayments and listing expenses.
ISF, through its subsidiary Yeo Plumber Sdn Bhd, specialises in supplying and installing piping systems for various sectors, including industrial, residential, and healthcare. The company has a robust order book of RM120.68m as of 9 December 2025, providing earnings visibility until 2028.
Managing Director Jeff Ai Boon Chen highlighted the company’s growth trajectory, stating, “From our beginnings as a small family business, we have steadily grown into a company with a proven track record in executing large-scale and complex piping projects.”
The IPO involves a public issue of 185.30 million new ordinary shares and an offer for sale of 90.00 million existing shares. Applications for the public issue are open until 14 January 2026, with ISF scheduled to list on 28 January 2026. Upon listing, the company will have a market capitalisation of RM330.00m.
