Insights Analytics ACE Market Debut Raises RM43.56 Mln
KUALA LUMPUR, Oct 27 (Bernama) -- Sarawak-based technology solutions provider Insights Analytics Bhd made its debut on the ACE Market of Bursa Malaysia Securities Bhd today, raising RM43.56 million from its public issue of 121 million new shares at an issue price of 36 sen per share.
The initial public offering (IPO) exercise included an offer for sale of 27.5 million existing shares to bumiputera investors approved by the Investment, Trade and Industry Ministry (MITI) via private placement.
Of the total proceeds, RM22.2 million (50.9 per cent) will be utilised as working capital for ongoing and upcoming projects, RM9 million (20.7 per cent) for strategic investments and acquisitions, RM4.4 million (10.1 per cent) to develop a new corporate office and data centre in Sarawak, RM1.86 million (4.3 per cent) to expand IT operations, and RM1.21 million (2.8 per cent) for its West Malaysia branch office. The remaining RM4.9 million (11.2 per cent) has been earmarked to defray listing expenses.
At an IPO price of 36 sen per share, Insights Analytics’ market capitalisation stood at approximately RM198 million upon listing, based on its enlarged share capital of 550 million shares.
Managing director Frank Wee said the company’s long-term initiatives have created a strong pipeline of projects within the water industry.
“With our proven technology and track record, Insights Analytics is well-positioned to play a meaningful role in supporting Malaysia’s water transformation and digitalisation goals,” he said in a statement today.
At 10.19 am, the company shares rose 30 sen to 66 sen, with 154.69 million shares traded.
-- BERNAMA