ISF Group Berhad

Date of Prospectus: 8 January 2026

ISF Group Berhad IPO: Detailed Analysis, Offer Structure, and Investor Insights for 2026

IPO Snapshot

ISF Group Berhad launches its initial public offering, inviting investors to participate in one of Malaysia’s anticipated market listings for 2026. This article provides a full breakdown of the ISF IPO, including the offer structure, financial position, investor eligibility, application process, and more.

• IPO Symbol: Not disclosed
• Offer Price: RM0.33 per IPO Share
• Offer Size and Number of Shares: Applications must be in lots of 100 shares or multiples thereof; total number of shares offered and post-IPO outstanding shares not specified
• Offer Period: Opens 10:00 A.M., 8 January 2026; Closes 5:00 P.M., 14 January 2026

Offer price of RM0.33 per share positions the IPO as accessible to a wide investor base. The application must be for at least 100 shares or multiples of 100, ensuring broad participation from both retail and institutional investors. Oversubscription details, dividend policy, and peer symbols are not specified.

Use of Proceeds: Growth-Focused or Deleveraging?

**The specific allocation of IPO proceeds is not disclosed.** However, the detailed application and acceptance procedures, as well as multiple tranches for public, private placement, and Bumiputera investors, suggest a broadly inclusive, growth-oriented capital raising exercise.

Placement and Issuance Breakdown

• Malaysian Public – Individuals: White Application Form, Electronic Share Application, or Internet Share Application
• Malaysian Public – Non-Individuals: White Application Form only
• Eligible Persons: Pink Application Form only
• Bumiputera Investors (approved by MITI): Direct invitation and instructions from MITI
• Selected Investors (Private Placement): Placement Agent contacts directly

**The offering is split among retail public, institutional, and Bumiputera tranches, with procedures that ensure regulatory compliance and broad market access.** There is no information on cornerstone or anchor investors, nor on any shareholder or employee allocation percentages.

Investor Participation & Book Quality

**Application eligibility is broad for Malaysian citizens and institutions.** Each applicant must hold a CDS account and provide a Malaysia-based address. Applicants are restricted to one application per category, and multiple applications are strictly prohibited, with severe penalties under Section 179 and 182 of the CMSA: fines of at least RM1 million and up to 10 years’ imprisonment.

**Oversubscription and book quality:** In the event of oversubscription, the Issuing House will conduct a ballot, aiming to allocate shares to a broad base and establish a liquid, adequate market. **There is a regulatory requirement for at least 25% of post-IPO shares to be held by 200 public shareholders with at least 100 shares each.** If this is not achieved, the IPO will not proceed and all application monies will be refunded [[13]].

Deal Parties and Structure

• Issuing House: Tricor Investor & Issuing House Services Sdn Bhd (Registration No. 197101000970 (11324-H)), Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur
• Application Banks & Brokers (ADAs): Full list provided, including branches across Malaysia, such as Affin Hwang Investment Bank Berhad, CIMB Securities Sdn Bhd, Kenanga Investment Bank Berhad, Malacca Securities Sdn Bhd, Maybank Investment Bank Berhad, RHB Investment Bank Berhad, and others [[16-37]]

**No explicit mention of global coordinators, underwriters, or stabilization/greenshoe mechanisms.** The prospectus specifies that the Issuing House and Board may reject or accept applications at their sole discretion. The application, ballot, and refund procedures are robust, emphasizing transparency and investor protection.

Company Overview

ISF Group Berhad operates as a Malaysian-incorporated entity. Detailed information on its business model, revenue streams, product lines, and key customer or geographic segments is not disclosed in the document. The company’s sector, industry size, and competitive positioning are not explicitly described.

**Key financials are not disclosed in the available material.** Investors should review the full prospectus for detailed financial statements and analysis.

Market Position and Management

**No information provided on market share, competitive advantages, or management team credentials.** The focus is on application and allocation procedures, not operational or governance details.

Sector Trends, Timing, and Economic Environment

**The IPO is scheduled during the first half of January 2026, with applications open from 8 to 14 January.** There is no further discussion of market trends, sectoral growth, or macroeconomic indicators within the disclosed sections. Investors should refer to broader market sources for sector context.

Risk Factors

**The prospectus highlights procedural risks, including:**

• Strict penalties for multiple applications (minimum RM1,000,000 fine and/or up to 10 years in jail under CMSA)
• All applications must use the applicant’s own CDS account and matching bank details; discrepancies may lead to rejection
• Applications are subject to electrical, electronic, technical, transmission, and computer-related faults, with no recourse if applications or payments are lost or not received
• Refunds for unsuccessful applications are processed within timelines, but delays or errors are at the applicant’s risk

**No quantified exposures, business/operational risks, or regulatory/legal disputes are disclosed.**

Growth Strategy

**Growth plans, expansion strategies, or capex pipelines are not discussed in the available sections.** The structure of the IPO indicates an intent to broaden the shareholder base and establish liquidity in the market.

Ownership and Lock-up Periods

**Pre- and post-IPO shareholding structures, promoter holdings, and lock-up/ESOP details are not disclosed.** Allotment is subject to regulatory requirements regarding public float.

Valuation and Peer Comparison

**No valuation metrics such as P/E, P/B, EV/EBITDA, or peer comparisons are disclosed.** There is no mention of other IPOs in the same period, nor any 10-day sector performance data.

Research & Analyst Opinions

**No analyst coverage, price targets, or research opinions are included in the available content.**

IPO Allotment Results

**Final subscription outcomes and tranche allocations will be posted on https://srmy.vistra.com within one market day after the balloting event.** Applicants can also check their status five market days after the balloting date or contact their ADA for details [[13, 15]].

Listing Outlook

Based on the disclosed procedures and regulatory safeguards, the ISF Group Berhad IPO is structured for broad participation and transparent allocation. The mandatory public float requirement and robust application scrutiny indicate a focus on establishing a liquid and stable post-listing market.

**The absence of financials, peer benchmarks, and explicit growth or risk disclosures prevents a full assessment of likely trading performance or recommendation.** However, the rigor of the application process, strict regulatory compliance, and inclusive allocation mechanism suggest a well-managed offering. Investors seeking exposure should carefully review the prospectus at the provided website.

How to Obtain the Prospectus

**The full prospectus, application forms, and other details are available at:** bursaexchange.com.my

How to Apply: Application Channels and Eligibility

Application methods are available for eligible Malaysian individuals and institutions:

• White Application Form (individuals and non-individuals)
• Electronic Share Application (at ATMs of participating Malaysian banks)
• Internet Share Application (via designated online banking or brokers)

Application requirements:

• Applicant must have a CDS account in their own name and a Malaysian correspondence address
• Minimum application: 100 IPO Shares or multiples thereof
• Strict prohibition on multiple applications per category
• Application window: 10:00 A.M., 8 January 2026 – 5:00 P.M., 14 January 2026

Application steps:

1. Obtain the prospectus and application form from designated banks, brokers, or the issuing house
2. Fill in the application form or apply via ATM/online platform, ensuring all details match your CDS and bank account information
3. Submit completed forms or complete electronic application by the deadline
4. Monitor allocation results at https://srmy.vistra.com

Enquiries: Contact Tricor Investor & Issuing House Services Sdn Bhd at +603 2783 9299 or your ADA/securities firm as listed in the detailed procedures [[15-37]].