iCents Group Holdings Berhad IPO's Analysis

iCents Group Holdings Berhad

iCents Group Holdings Berhad is an investment holding company incorporated in Malaysia. Its subsidiaries, VC Engineering Sdn Berhad (Malaysia) and Maytech Cleanroom Manufacturing Sdn Berhad (Malaysia), are principally involved in providing engineering, construction, and related services for cleanrooms and other facilities, as well as manufacturing cleanroom fixtures and related products. Icents Engineering Pte. Ltd. (Singapore) is intended to provide similar services but has not yet commenced operations.

IPO Details
Market: ACE
Principal Adviser: Alliance Islamic Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 0.24
PE Ratio: 11.9-17.1
    PE (FYE): 17.14
    PE (FPE Annualised): 11.92
    PE (Hybrid): 14.49
MITI allocation?: Yes
Closing Date: 02-Jul-2025
Balloting Date: 07-Jul-2025
Listing Date: 17-Jul-2025
Oversubscription rate: 2.3x
Average Analysts FV :
TA (0.29), Public Invest (0.26), Mplus (0.30), Apex (0.29)
iSaham IPO Score :
Market Cap: 120.00 M
Number of Shares: 500.00 M
IPO Allocations No. of Shares %
Malaysian Public 25.00 M 5.0%
Bumiputera shareholders approved by MITI 62.50 M 12.5%
Eligible Directors and employees 10.0 M 2.0%
Private placement to selected investors and others 45.0 M 9.0%
Total Allocations 142.50 M 28.5%

Offer for Sales of 30.00 M existing shares representing 6.0% enlarged shares.

Public Issue of 112.50 M new shares representing 22.5% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Business expansion 3,022 11.19
Working capital Working capital 12,088 44.77
Others Purchase of machinery and equipment 4,675 17.31
Others Product development 1,715 6.35
Others Marketing activities 1,500 5.56
Listing expenses Estimated listing expenses 4,000 14.82
Total 27,000 100
Analyst Highlights
Date Analyst Highlights
17-Nov-2025
RHB
  • iCents Group, a cleanroom specialist, is primed for strong earnings growth supported by a solid construction orderbook and rising manufacturing enquiries.
  • ICENTS' cleanroom and other facilities construction arm, VC Engineering, had an orderbook worth c.MYR60m for FY26 and a tenderbook valued at c.MYR600m.
  • Maytech, its integrated cleanroom manufacturing arm, fields robust enquiries, with expansion into Vietnam's DC market and plans to boost production capacity.
01-Jul-2025
TA
  • IPO entails a public issue of 112,500,000 new ordinary shares and an offer for sale of 30,000,000 shares at RM0.24/share.
  • Comprehensive cleanroom solutions and proven track record across multiple industries are key competitive advantages.
01-Jul-2025
Public Invest
  • Scaling for growth via automated machinery, facility expansion, and market reach development.
01-Jul-2025
Mplus
  • Projected 3-year earnings CAGR of 19.4%, driven by unbilled order book, healthy job replenishment and data centre upcycle.
01-Jul-2025
Apex Securities
  • Beneficiary from high-growth industry: Positioned to capitalize on data centers, electronics, and pharmaceuticals investments.
  • Factory Expansion: Aims to establish a new factory to improve storage and operational efficiency.
  • Geographical Expansion: Incorporating new offices to improve customer reach and project support.
Utilisation of Proceeds
Business Segments
Geographical Segments
Major Customers
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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