KUALA LUMPUR, 8 January 2026 — ISF Group Berhad, an end-to-end piping solutions provider, has officially launched its prospectus in conjunction with its proposed listing on the ACE Market of Bursa Malaysia, aiming to raise RM61.15 million to support business expansion and operational scaling.
The Group, which operates primarily through its subsidiary Yeo Plumber Sdn Bhd, is principally involved in the supply and installation of piping systems for end-user premises as well as water supply and sewer infrastructure projects. It also provides maintenance and repair services, positioning itself as a comprehensive solutions provider across Malaysia’s construction and infrastructure ecosystem.
Two Decades Of Growth And Project Execution
Established in 2001 as a plumbing materials trader, ISF has evolved into a contractor with a proven track record in executing large-scale and complex piping projects across industrial, data centre, residential, commercial, institutional, healthcare and infrastructure developments, including power plants and mass transit facilities, throughout Peninsular Malaysia.
As at 9 December 2025, the Group’s unbilled order book stood at RM120.68 million, with RM117.47 million derived from end-user premises projects and RM3.21 million from infrastructure piping works. This provides earnings visibility through to the financial year ending 31 December 2028.
Managing Director Jeff Ai Boon Chen said the prospectus launch marks a defining milestone in ISF’s corporate journey.
“From our beginnings as a small family business, we have steadily grown into a company with a proven track record in executing large-scale and complex piping projects across diverse end-user premises,” he said, adding that the IPO will enable ISF to scale operations, strengthen capabilities and capture a larger share of the market.
IPO Structure And Use Of Proceeds
ISF’s IPO involves a public issue of 185.30 million new shares, representing 18.53% of its enlarged issued share capital, alongside an offer for sale of 90.00 million existing shares, equivalent to 9.00% of the enlarged capital base.
Based on the IPO price of RM0.33 per share, the Group expects to raise RM61.15 million, which will be utilised as follows:
- RM11.35 million (18.56%) to establish and expand operational facilities
- RM2.05 million (3.35%) to develop existing business activities
- RM1.85 million (3.03%) to expand workforce
- RM1.20 million (1.96%) for loan repayments
- RM39.90 million (65.25%) for working capital
- RM4.80 million (7.85%) for estimated listing expenses
Of the new shares issued, 50.00 million shares will be allocated to the Malaysian public via balloting, 15.00 million shares to eligible directors and employees, 35.00 million shares via private placement to Bumiputera investors approved by MITI, and 85.30 million shares to selected investors. All offer-for-sale shares will be placed with Bumiputera investors approved by MITI.
Strong Financial Momentum And Market Tailwinds
ISF has delivered strong financial growth in recent years. Revenue rose to RM54.67 million in FYE 2024 from RM21.57 million in FYE 2022, representing a two-year CAGR of 59.19%. Over the same period, profit after tax surged to RM9.64 million from RM0.93 million, translating into a two-year CAGR of 221.37%.
Momentum continued into the seven-month period ended 31 July 2025, during which the Group recorded RM59.52 million in revenue and RM15.18 million in profit after tax.
Industry fundamentals also remain supportive. According to independent market research, Budget 2026 allocations for public housing and water infrastructure are expected to sustain demand for potable water and sewer piping, while Malaysia’s data centre industry is projected to grow at a CAGR of 22.4% between 2025 and 2030, reaching RM59.60 billion by 2030.
Listing Timeline
Following the prospectus launch, applications for the public issue opened on 8 January 2026 and will close at 5.00pm on 14 January 2026. ISF is scheduled to be listed on the ACE Market on 28 January 2026, with an expected market capitalisation of RM330 million based on its enlarged issued share capital of one billion shares.
