Kuala lumpur: ISF Group Bhd's initial public offering (IPO) has been oversubscribed by 31.14 times, with 11,446 applications for 1.61 billion shares, valued at around RM530 million, ahead of its listing on Malaysia Securities Bhd's ACE Market on January 28, 2026.

According to BERNAMA News Agency, in a filing with Bursa Malaysia, the piping solutions provider revealed that for the Bumiputera public portion, a total of 5,159 applications for 469.6 million issue shares were received, representing an oversubscription rate of 17.78 times.

For the public portion, a total of 6,287 applications for 1.14 billion issue shares were received, indicating an oversubscription rate of 44.49 times. Meanwhile, the 15 million issue shares made available for application by eligible persons have also been fully subscribed.

The company stated that the placement agent has confirmed that the 85.3 million issue shares offered via private placement to selected investors have been fully placed out. Additionally, 35 million issue shares and 90 million offer shares made available through private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry of Malaysia have also been fully placed out.

Upon its listing, ISF Group is expected to have a market capitalisation of RM330 million, based on an enlarged issued share capital of 1.0 billion shares and an IPO price of RM0.33 per share. Alliance Islamic Bank Bhd is serving as the principal adviser, sponsor, underwriter, and placement agent for the IPO.