Symbol: 0343.KL (iCents Group Holdings Berhad)
iCents Group raised RM27 million through the issuance of 112.5 million new shares at RM0.24 each. The proceeds will be used to purchase machinery (RM4.68 million), expand operations, hire engineering staff, and enhance working capital (RM12.09 million), indicating a clear growth-driven IPO strategy.
The public portion was oversubscribed by 2.3×, with the retail category receiving 4.81× subscription, signaling strong demand. The Bumiputera public portion received 0.22× and was clawed back into the retail tranche.
The company declared an interim dividend of RM3.08 million in June 2024, translating to a 64% dividend payout ratio based on FY2024 profit.
The IPO consists of 112.5 million new shares and 30 million offer-for-sale shares, bringing the total post-IPO share base to 500 million, with a market capitalization of RM120 million. The strong oversubscription and low valuation suggest a positive debut performance.
Private placements were fully subscribed, including 62.5 million shares to Bumiputera investors and 15 million to selected investors, reflecting broad-based institutional support. The 30 million offer-for-sale shares came from executive directors Vincent Ong Mum Fei, Foo Siang Leng, and Tan Wei Ying.
Alliance Islamic Bank Berhad acted as the Principal Adviser, Sole Underwriter, Sponsor, and Placement Agent, enhancing investor confidence.
iCents operates as a design and engineering solutions provider for cleanroom facilities used in semiconductor, pharmaceutical, and data center industries. Its offerings span engineering, procurement, construction, commissioning (EPCC), and cleanroom manufacturing.
For FY2023, iCents reported revenue of RM80.7 million and profit after tax of RM7.02 million. Gross margins improved YoY. The IPO priced at a P/E of 17.1×, with a forward P/E of 11.4×, indicating reasonable valuation with growth upside.
With a decade of project experience, an in-house team of 31 engineers, and cleanroom operations in Malaysia, Singapore, Indonesia, and Sarawak, iCents holds a strong regional footprint.
Promoters include Managing Director Ir. Ts. Ong Mum Fei and Executive Directors Foo Siang Leng and Tan Wei Ying, each with extensive cleanroom and industrial experience.
The cleanroom EPCC sector is projected to grow around 11% in 2025, aligned with the growing demand in semiconductors and pharma. Malaysia’s pharma market is set to reach RM9.6 billion by 2027, growing at 5.4% CAGR.
iCents’ IPO opened on 25 June, closed 4 July, and listed on 17 July 2025, aligning with strong demand in manufacturing and clean technology infrastructure.
Malaysia’s economic landscape is supportive with GDP projected around 5%, alongside initiatives such as NIMP 2030 driving high-value sector investment.
iCents secured a strong order book of RM93.2 million, backed by sector trends in F&B automation, pharmaceuticals, data centers, and high-end electronics.
Key risks include heavy project-based revenue, with >99% dependent on projects, high customer concentration (top 2 clients contributed 57–72% of revenue over the past three years), and dependence on subcontractors, with subcontractor costs forming 54.8% of total cost.
iCents plans to expand into new markets, recruit engineering talent, acquire automation machinery, and invest in intellectual property development, aligning its RM27 million fund allocation with operational scaling and R&D.
Post-IPO, promoters retain approximately 61% ownership, subject to a 6-month moratorium, with future releases on a straight-line basis, reflecting long-term commitment.
| Symbol |
Market Cap (RM m) |
Revenue (RM m) |
PAT (RM m) |
PAT Margin (%) |
P/E (×) |
Forward P/E |
ROE (%) |
| 0343.KL |
120 |
80.7 |
7.02 |
8.7 |
17.1 |
11.4 |
13.9 |
| 7046.KL |
357 |
268.3 |
19.3 |
7.2 |
13.4 |
11.6 |
– |
| 0138.KL |
35 |
5.3 |
– |
– |
– |
– |
– |
Peers include Critical Holdings (7046.KL) and Supergenics (0138.KL).
In the 10 trading days preceding iCents’ debut, sector comparables remained steady, while iCents outperformed sharply, reflecting market optimism for its niche offering.
Malacca Securities projected a target price of RM0.36, based on 15× forward P/E and a 3-year CAGR of 20.6%, suggesting upside from IPO price.
Public and private share allocations were completed by 14 July, confirming full subscription and strong investor appetite across all categories.
Given its growth fundamentals, strategic sector exposure, and strong IPO debut, iCents is considered a worthwhile subscription. First-day price movement between RM0.30–0.32, representing a strong gain over the IPO price of RM0.24.
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