KUALA LUMPUR (Nov 1): IT support services provider Infomina Bhd, which is scheduled to be listed on Bursa Malaysia's ACE Market on Nov 25, 2022, said the company will be listed at 40 sen a share, which will give the firm a market value of about RM240.5 million based its enlarged share capital of 601.25 million shares.

According to Infomina's prospectus, which was filed with Bursa on Tuesday (Nov 1), Infomina's initial public offering (IPO) involves a public issue of 81.17 million new shares and an offer for sale of a similar number of existing shares.

At 40 sen each, Infomina's public issue of 81.17 million new shares will raise RM32.47 million to finance the company's business expansion.

"We principally operate in Malaysia, Singapore, Thailand, the Philippines, Indonesia and Hong Kong through our subsidiaries," Infomina said.

The company said the gross proceeds of RM32.47 million to be raised from the public issue of new shares will be used to finance, among others, the strengthening of Infomina's research and development (R&D) arm to expand the company's technological application and infrastructure solutions besides Infomina's regional expansion to capture growth opportunities.

According to Infomina's prospectus, M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for Infomina's IPO while Newfields Advisors Sdn Bhd is the financial adviser for the corporate exercise.

Infomina had on Tuesday launched its prospectus at a ceremony in Petaling Jaya, Selangor.

In a press statement issued to reporters covering the event, Infomina managing director Yee Chee Meng said the company has grown from strength to strength.

"We have transformed from a homegrown and local IT player to a regional technology solutions provider boasting a direct presence in Malaysia, Singapore, Thailand, the Philippines, Indonesia and Hong Kong.

"In addition to our vast regional footprint, our growing list of big-name clientele is a testament to our capabilities in providing technology solutions to large enterprises," Yee said.

He said the successful launch of Infomina's prospectus will provide Infomina with more resources to strengthen its R&D capabilities and accelerate its regional expansion.

"Our impending listing on Bursa will also elevate our image and brand presence," he said.

According to Yee, Infomina's financial performance has improved in tandem with its success in acquiring new clients and markets.

He said the company's revenue has grown to RM201.1 million in the financial year ended May 31, 2022 (FY2022) from RM66 million in FY2019 while profit after tax improved to RM17.1 million from RM6.9 million.