Oxford Innotech opens IPO applications at 29 sen to raise RM41.6mil
KUALA LUMPUR: Oxford Innotech Bhd has opened applications for its initial public offering (IPO) on the ACE Market at an issue price of 29 sen per share, aiming to raise RM41.6 million.
The IPO comprises 143.5 million new shares, representing 20.2 per cent of the integrated engineering solutions provider's enlarged share capital, along with an offer for sale of 50 million existing shares.
Based on the IPO price, the Penang-based firm is expected to attain a market capitalisation of RM205.9 million upon listing.
Proceeds from the IPO will fund the company's expansion plans, including the construction of a new 67,722-square-foot (sq ft) manufacturing facility slated for completion in 2027.
Managing director Ng Thean Gin said the company is also preparing to add 39,392 sq ft of new capacity by the third quarter of 2025 to meet near-term demand.
"With these two additional facilities, our total manufacturing area will increase by 124.9 per cent to 192,896 sq ft," Ng said in a statement.
Of the total proceeds, RM23.1 million or 55.5 per cent will go towards factory construction, RM11.2 million (26.9 per cent) for the purchase and refinancing of machinery, while the remainder will be allocated to working capital and listing expenses.
The new shares include 35.5 million units for application by the Malaysian public, 27 million for eligible directors, employees and contributors to the group, and 81 million to be placed out to selected Bumiputera investors approved by the Investment, Trade and Industry Ministry.
The offer for sale also includes a private placement of 50 million existing shares — 7.8 million to ministry-approved Bumiputera investors, with the balance to selected investors.
For the financial year ended Dec 31, 2024, Oxford Innotech's revenue jumped 87.6 per cent year-on-year to RM92.9 million, while profit after tax surged 93.7 per cent to RM15.6 million. The growth was driven primarily by its precision engineering segment, which contributed 48.2 per cent of total revenue.
Applications for the public issue are open from today and will close on July 16 at 5pm. The company is scheduled to list on July 29.
Malacca Securities is the principal adviser, sponsor, and underwriter. It is also joint placement agent together with Kenanga Investment Bank, while WYNCORP Advisory is the corporate finance adviser.
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