KUALA LUMPUR: ITMax System Bhd
made its debut on the main market of Bursa Malaysia opening at RM1.52, representing a 42.06% premium over the initial public offering (IPO) price of RM1.07.
ITMAX is primarily involved in the business of supply and installation and provision of public space networked systems.
The company has raised RM203.89mil through the public issue of 190.55 million new shares.
Out of the total proceeds raised, ITMAX has allocated RM85mil for the expansion of its smart city application. Meanwhile, RM12.5mil and RM20mil have been budgeted for the expansion of its research and development capabilities and enterprise market respectively.
Another RM39.5mil has been allocated towards the network and telecommunication infrastructure expansion and RM29.08mil for working capital while RM8mil will be for the repayment of borrowings.
The remaining proceeds will be for listing related expenses. Including the offer for sale portion, ITMAX’s initial public offering will raise RM342.4mil in total.
ITMAX managing director/chief executive officer William Tan Wei Lun said: “This is a major milestone as we begin to tap into the capital markets to support our expansion which will enhance the public’s awareness in what we do.”
“We will continue to do more R&D, leveraging on our local talent. We want to create as well as innovate new technologies, especially in the area of artificial intelligence and machine learning. We want to bring more practical solutions to the public space network market and help build safe, healthy, and connected communities.
“We will also expand our telecommunication and data systems infrastructure to ensure that we have a solid foundation to support these systems,” he added.
“We are proud to welcome the arrival of our new shareholders and we shall strive to deliver an absolute return as set out in our dividend policy to pay out at least 20% of our yearly profit after tax,” Tan said.
