ACE Market-bound Minox International inks underwriting deal with M&A Securities

Minox International Group Bhd executive director Looi Poo Poo, Minox managing director (MD) Cheong Chee Son, M&A Securities Sdn Bhd MD Datuk Bill Tan, and M&A Securities head of corporate finance Gary Ting at the signing of the underwriting agreement on Wednesday, Aug 23, 2023, in conjunction with Minox's upcoming listing on the ACE Market of Bursa Malaysia in October 2023.

KUALA LUMPUR (Aug 23): ACE Market-bound Minox International Group Bhd (Minox) has inked an underwriting agreement with M&A Securities Sdn Bhd.
In a statement on Wednesday (Aug 23), Minox said the initial public offer (IPO) exercise entails a public issuance of 90.0 million new ordinary shares, representing 25.0% of their enlarged share capital of 360.0 million shares, as well as an offer for sale of 18.0 million existing shares, or 5.0% of the enlarged share capital, through private placement to selected investors.

Of the 90.0 million new shares to be issued, 18.0 million new shares, representing 5.0% of the enlarged share capital, will be made available to the Malaysian public through balloting; 10.8 million new shares representing 3.0% of the enlarged share capital for eligible directors, employees and persons who have contributed to the success of Minox; 16.2 million shares representing 4.5% of the enlarged share capital to selected investors through private placement; while the balance 45.0 million shares or 12.5% of the enlarged share capital to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“Miti”) through private placement.

M&A Securities will underwrite 28.8 million new shares made available to the Malaysian public and Pink Form Allocations.
Minox is principally involved in the distribution of stainless steel sanitary valves, tubes & fittings, installation components & equipment, rubber hoses under its “MINOX” brand and other related products.

It has 25 years of track record in supplying various stainless steel sanitary products to customers in the food and beverage (“F&B”), pharmaceutical, as well as semiconductor industries.
Beyond the domestic market, the group has built a strong presence in Asean, deriving two-thirds of revenue from this region, with Indonesia, Singapore and Thailand being its key export markets.

Minox managing director Cheong Chee Son said with imminent access to the broader equity capital market, the company will have greater resources and flexibility to accelerate its expansion plans to increase market share, and capitalise on the opportunities in the growing sanitary valves and fittings industry.

He said Minox products are used throughout the hygienic and high purity production lines of its customers in the F&B, pharmaceutical and semiconductor industries.
“We currently serve approximately 1,700 active customers from well-known brand names of dairy products, juices & beverages, and mineral water, to bio-pharma and healthcare products.
“In addition, Minox also distributes its products to project consultants which are multinational system providers for F&B, pharmaceutical and semiconductor industries.

“Moving forward, we have charted a clear growth path. Our IPO proceeds are primarily earmarked towards expanding our business — product development and deployment to further tap into semiconductor clientele via our specialised products, construction of a new warehouse in Puchong to support higher business volume, and setting up of a new warehouse in Singapore to enhance export sales.

“Other utilisation of proceeds include paring down of borrowings, working capital use and defrayment of listing expenses,” he said.

Minox is scheduled to be listed on the ACE Market by October 2023, with M&A Securities as the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.

This post has been edited by Halibut: Sep 18 2023, 10:39 AM


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PROFIT SLIDING DOWNWARS

this minox will become unitrade?...pls comment sifu2 here..

why very quiet in this forum
semua mau skip kah
aiyoh come lah...buy buy buy
dont diam diam
janji goreng sampai pecah atap

This post has been edited by pileepalah: Sep 20 2023, 02:51 PM

To be honest, I'm not familiar with their industry. so I think I will skip this one.

Need to do some research first. I don't gamble.

It is a stainless steel fabricator dealing mostly with industrial grade valves and fittings for commercial usage

Not much research just that this industries is very cyclical

Small allocation only, MITI also ciput
Cheap
Hight PAT
Light share
Niche industry going to semiconductor market.

Ill try some.

who are the local peers to MINOX ?

Waiting Sure_Angpow to goreng!

hmmm SURE ANGPOWS

BTW ....where is Batu Cave Boy ?

This post has been edited by IPO ADDICT: Sep 27 2023, 08:47 PM

Definitely worth applying to the max.

Super good margin, Profit margin at 20%. High growth company, customers are in F&B, pharmaceutical and semiconductor. All are fast growing sector esp semiconductor.

market cap at 90m. profit after tax at 10.3m. PE at 8x only. IPO price rm0.25. Easily double at opening.

You just back from Hadtyai?

Hmm...

Very positive reviews on the IPO 👍

Looking good...

Probably apply some to test luck 😁

This ipo will fly...

how high can we expect to fly?

i think will double at least. 70% sales from export, not only focus on local. cheap valuation, cheap market cap 90m.

didn't come across any companies in Bursa with 20% profit after tax margin with less than PER 20x. MINOX IPO at PER 8x only, if double, only 16x.

Good to know 👍

Buy Buy Buy mode all the way