Impact Capital IPO (IMPACT 0483): Sarawak Critical Infrastructure ICT Integrator Opens at 22 Sen
Impact Capital Holdings Berhad opened its IPO applications on 27 October 2026 at RM0.22 per share, and is scheduled to list on the ACE Market of Bursa Malaysia on 24 November 2026 under the stock name IMPACT (code 0483). This Kuching, Sarawak company builds and integrates ICT systems for critical infrastructure, meaning the networks, data centres, cybersecurity and communication systems used by state government agencies, utility companies and financial service providers.
With a PE of about 11.3 times and a market cap of just RM105.6 million, this is a small IPO, but it sits in a theme that is getting a lot of attention: the digitalisation of Sarawak. This article summarises the key facts from the official prospectus dated 27 October 2026, including the offer details, financial performance, use of proceeds and the risks you should understand before applying.
Who Is Impact Capital Holdings Berhad?
Impact Capital was incorporated on 1 July 2024 as an investment holding company for the listing, and was converted into a public limited company on 23 October 2025. The underlying business started much earlier, in 2005, when the group began operating as an ICT infrastructure provider. Its first project in 2006 was supplying network equipment and security systems to a government ministry, giving the group a track record of about 21 years.
The group operates through three wholly owned subsidiaries:
- IBS - integration of ICT equipment and systems, and provision of ICT products and services. This is the group's main engine, and IBS has held Malaysia Digital status from MDEC since 6 August 2024.
- IES - provision of renewable energy systems and related products and services.
- Voculus - a subsidiary under IES that provides ICT products and services.
Its main direct customers are local and state government bodies, utility service providers, internet technology companies, and financial and merchant service providers. The group also wins work through an indirect channel, namely other ICT, engineering and construction companies that deliver complete systems to end users. It runs sales and service offices in Kuching and Petaling Jaya, and uses co-working spaces in Bintulu and Kota Kinabalu.
Three Revenue Streams
The prospectus breaks revenue into three segments. For FYE 2026 (financial year ended 30 June 2026):
| Segment | FYE 2026 Revenue | Contribution |
|---|---|---|
| Integration of ICT equipment and systems for critical infrastructure | RM112.43 million | 72.7% |
| Supply of ICT hardware and software | RM22.12 million | 14.3% |
| Provision of ICT and other services | RM20.14 million | 13.0% |
| Total | RM154.70 million | 100% |
Most revenue comes from fixed lump-sum projects, but the group also earns recurring revenue from maintenance agreements and software subscriptions. This recurring portion helps smooth cash flow between large projects.
Impact Capital IPO Details
| Item | Details |
|---|---|
| Company Name | Impact Capital Holdings Berhad |
| Stock Name / Code | IMPACT / 0483 |
| Market | ACE Market, Bursa Malaysia |
| IPO Price | RM0.22 per share |
| Shariah Status | Shariah compliant (approved by the SC Shariah Advisory Council on 9 April 2026) |
| Shares After IPO | 480,000,000 shares |
| Market Cap at IPO Price | RM105.6 million |
| Public Issue (new shares) | 96,690,000 shares (20.1%) - RM21.27 million raised for the company |
| Offer for Sale (existing shares) | 28,620,900 shares (6.0%) via private placement - RM6.30 million to the selling shareholders |
| FYE 2026 EPS (enlarged share capital) | 1.95 sen |
| PE at IPO Price | About 11.28 times |
| Pro Forma NA per Share After IPO | RM0.11 |
| Principal Adviser, Sponsor, Underwriter & Placement Agent | Public Investment Bank Berhad |
| Issuing House | AscendServ Capital Markets Services Sdn Bhd |
IMPACT's Shariah-compliant status remains valid until the next review by the Shariah Advisory Council, which updates its list on the last Friday of May and November each year. The official list is available on the Securities Commission Malaysia website.
View the IPO data for Impact Capital on one page, including financial charts, share allocation and shareholders.
Key Application Dates
| Event | Date |
|---|---|
| Applications open | Tuesday, 27 October 2026, 10.00 am |
| Applications close | Friday, 6 November 2026, 5.00 pm |
| Balloting | 12 November 2026 |
| Allotment of shares to successful applicants | 19 November 2026 |
| Listing date | Tuesday, 24 November 2026 |
Late applications will not be accepted. Applications are handled by AscendServ Capital Markets Services, and you can apply through internet banking or your broker's platform. If this is your first IPO application, follow the steps in how to apply for a Bursa IPO with MPlus Global. The full prospectus can be downloaded from the Bursa Malaysia IPO page.
IPO Share Allocation: Who Gets What?
A total of 125.31 million shares are offered in this IPO, about 26.1% of the enlarged share capital. The allocation is:
- Malaysian public (via balloting): 24 million new shares (5.0%), with half or 12 million shares set aside for Bumiputera investors
- Eligible Persons (Pink Form): 16 million new shares (3.33%) for 4 directors, up to 102 employees and up to 34 people who have contributed to the group's success
- Private placement to selected investors: 56.69 million new shares (11.8%) plus 28.62 million Offer for Sale shares (6.0%)
One important difference from most other IPOs: there is no MITI tranche for Bumiputera investors. Because subsidiary IBS holds Malaysia Digital status and contributes more than 50% of group profit, Impact Capital is exempted from the 12.5% Bumiputera equity requirement. Bumiputera investors can therefore only apply through the Bumiputera public tranche (12 million shares). If you usually apply via the MITI quota, read our guide to checking your MITI IPO application status to understand how the two routes differ.
Shares not taken up by the public will be offered to Pink Form applicants, then to selected investors, and any balance is underwritten by Public Investment Bank as the sole underwriter.
Financial Performance: Steady Revenue, Rising Margins
Here is a summary of performance from the audited combined financial statements in the prospectus (RM million, financial year ended 30 June):
| Year | Revenue | Gross Profit | Net Profit (PAT) | Gross Margin | Net Margin |
|---|---|---|---|---|---|
| FYE 2023 | 113.18 | 10.46 | 4.08 | 9.3% | 3.6% |
| FYE 2024 | 160.19 | 20.17 | 9.35 | 12.6% | 5.8% |
| FYE 2025 | 145.42 | 17.33 | 7.02 | 11.9% | 4.8% |
| FYE 2026 | 154.70 | 21.98 | 9.36 | 14.2% | 6.0% |
Revenue grew at a compound annual growth rate (CAGR) of 10.98% from FYE 2023 to FYE 2026, though not in a straight line. FYE 2025 saw a 9.2% drop in revenue before a 6.4% recovery in FYE 2026. This up-and-down pattern is typical of project-based companies, since revenue is recognised according to work progress.
The more interesting story is margins. Gross margin rose from 9.3% in FYE 2023 to 14.2% in FYE 2026, and FYE 2026 net profit jumped 33.3% even though revenue rose only 6.4%. Part of this improvement came from the growing hardware supply and services segments, whose combined contribution rose from 17.3% to 27.3% of revenue within a year.
On the balance sheet, the gearing ratio as at 30 June 2026 was only 0.11 times with a current ratio of 1.51 times, so debt is not a major issue. FYE 2026 operating cash flow was RM10.11 million, slightly above net profit. However, in FYE 2025 operating cash flow was only RM3.00 million against profit of RM7.02 million, showing that cash can get tied up in receivables when large projects are in progress.
PE Calculation: Is RM0.22 Fair?
Based on FYE 2026 net profit of RM9.36 million and 480 million shares after the IPO, EPS is 1.95 sen. At RM0.22, the PE is about 11.28 times. Calculated on FYE 2024 profit (RM9.35 million), the PE is almost identical at 11.3 times, so the valuation does not rely on one unusual year.
The pro forma NA per share after the IPO is RM0.11, meaning the IPO price is about 2 times book value. Public investors pay a 50% premium over NA, which is common for technology companies whose assets lie more in expertise and customer relationships than physical assets.
For comparison, the pre-listing investor that bought a stake in IBS in June 2025 paid a cost equivalent to RM0.20 per share, based on an IBS valuation of about 11.08 times PE. So the IPO price is only 10% above what that early investor paid. For context, you can compare it with other ICT infrastructure IPOs this year such as Pentech Holdings, another ICT infrastructure firm from Penang heading to the ACE Market. If you are new to PE, the guide on PE ratio by sector in Malaysia (in Malay) explains the typical range for each industry.
Use of the RM21.27 Million IPO Proceeds
Only the Public Issue proceeds (RM21.27 million) go to the company. The RM6.30 million from the Offer for Sale goes to the selling shareholders.
| Purpose | Amount | % | Timeframe |
|---|---|---|---|
| Working capital | RM5.17 million | 24.3% | 12 months |
| Estimated listing expenses | RM4.80 million | 22.6% | 1 month |
| Expansion of offices | RM4.67 million | 22.0% | 36 months |
| Expansion of workforce and business development | RM4.53 million | 21.3% | 36 months |
| Enhancement of technology capabilities | RM2.10 million | 9.9% | 12 months |
The office expansion plan includes a new office of about 7,700 sq ft in the Klang Valley that will house a Digital Innovation and Solutions Centre, moving the Bintulu and Kota Kinabalu operations from co-working spaces to permanent offices, and a new office in Johor Bahru. The group also plans to hire about 60 new staff progressively from 2027 to 2029, including engineers and project managers, and to incorporate data and AI foundational software into its solutions.
One point worth noting: listing expenses of RM4.80 million take up almost a quarter of the funds raised. This is common for small IPOs, because fixed costs such as adviser and auditor fees do not shrink much even when the IPO is small.
Opportunity: Sarawak's Digital Push and the Huawei Partnership
The independent market research (IMR) report in the prospectus highlights that Impact Capital operates mainly in Sarawak, a state investing aggressively in its digital economy. Under the SALURAN initiative, RM2.3 billion has been invested to improve internet coverage, which reached 94.5% in Sarawak as of June 2026. Through the Sarawak Digital Economy Corporation (SDEC), the state government targets 96% high-speed coverage and a 20% digital economy contribution to state GDP by 2030.
Nationally, revenue of the information and communication services industry grew at a CAGR of 5.4% between 2023 and 2025 to RM189.5 billion, based on Department of Statistics Malaysia (DOSM) data cited in the IMR. Impact Capital's market share is still below 1%, so in theory there is plenty of room to grow.
The group is also a strategic Huawei partner, and received Huawei's Best O3 Utilisation Company award in 2026. Many contracts are won because of this Huawei partnership status, an advantage that is also a risk (see the next section). As at the latest practicable date (LPD), the order book for ongoing ICT integration projects was RM129.98 million, about 1.2 times the market cap and enough to sustain work until 2032. The prospectus also notes 15 ongoing projects each worth more than RM2.5 million.
Key Risks to Consider
1. Dependence on Huawei
Purchases from the Huawei group made up 44.0% of total purchases of materials and services in FYE 2026, and reached as high as 56.7% in FYE 2025. If the Huawei partner status is lost, or geopolitical restrictions on Huawei products tighten, the group would not only struggle to source products at good prices but could also lose contracts won on the strength of that partnership.
2. High customer concentration
The top three customers contributed more than 63% of revenue in every year under review. In FYE 2026, SDEC, the SEB group and one unnamed customer accounted for 64.06% of revenue. Losing any one of them would have a big impact on revenue.
3. Slower debt collection
The average trade receivables period rose from 16 days in FYE 2023 to 95 days in FYE 2025 and FYE 2026. Government and utility customers usually pay, but slowly. This explains why operating cash flow is sometimes well below net profit.
Other risks to consider
- Fixed-price contracts - most projects are lump-sum, so any increase in hardware, subcontractor or labour costs must be absorbed. Subcontractor costs alone made up 65.6% of FYE 2026 cost of sales.
- Skilled manpower - project delivery depends on systems and software engineers who are hard to find and easy to lose.
- Licences and registrations - the business relies on CIDB, UPKJ and Ministry of Finance registrations to bid for government tenders.
- Book value dilution - new investors pay RM0.22 for NA of RM0.11, an immediate dilution of 50%.
- Pre-IPO dividend - a RM3.97 million dividend for FYE 2025 was paid to existing shareholders in September 2025. The company has no formal dividend policy after the IPO.
Who Are the Major Shareholders?
After the IPO, the three founders will hold 65% of the company through holding company IGE, owned by Winston Chai Fung Chun (52%), Kok Teck Kuan (24%) and Chyr Ye Hong (24%). All three are executive directors with 23 to 29 years of experience in the ICT industry, and Winston Chai is the Managing Director. They also hold direct stakes of between 0.99% and 2.89%. The board is chaired by Datu William Anak Patrick Nyigor as Independent Non-Executive Chairman.
The major shareholders and the pre-listing investor are subject to a moratorium. Their entire holdings are locked up for the first 6 months, a large portion remains locked for the next 6 months, and after that they may sell up to one third a year. To understand how lock-up expiry can affect the share price, read why IPO shares can fall after the lock-up period.
The full details, including the independent market research (IMR), key customer analysis, cost structure and our valuation view, are in the Gold report. Read the full prospectus analysis.
IPO Review and IPO Financing
Still deciding whether to apply? We are holding an online Impact Capital IPO review session on Thursday, 5 November 2026, at 3:30 pm, one day before applications close. A remisier will walk through the prospectus, valuation and application strategy. Join the IPO Review with a Remisier.
If you want to apply for a larger quantity, IPO financing is available for IMPACT (0483). Apply for 5x/10x IPO Financing. Remember that financing magnifies both potential gains and potential losses, so understand the risks first in the article share margin and IPO financing.
Frequently Asked Questions (FAQ)
What is the Impact Capital Holdings Berhad IPO price?
The IPO price is RM0.22 per share, giving a market cap of RM105.6 million based on 480 million shares after the IPO.
Is IMPACT stock Shariah compliant?
Yes. Impact Capital shares were classified as Shariah compliant by the Securities Commission's Shariah Advisory Council on 9 April 2026.
When does the Impact Capital IPO application close?
Applications open at 10.00 am on 27 October 2026 and close at 5.00 pm on 6 November 2026. Balloting takes place on 12 November 2026.
When will Impact Capital list on Bursa Malaysia?
Impact Capital is scheduled to list on the ACE Market on 24 November 2026 under the stock name IMPACT and code 0483.
What is the Impact Capital IPO PE?
Based on FYE 2026 EPS of 1.95 sen on the enlarged share capital, the PE at the IPO price is about 11.28 times.
What does Impact Capital do?
Impact Capital is a Kuching-based ICT systems integrator that builds networks and ICT systems for critical infrastructure, supplies hardware and software, and provides maintenance services to government agencies, utilities and financial companies.
Does the Impact Capital IPO have a MITI quota for Bumiputera investors?
No. Because subsidiary IBS holds Malaysia Digital status, the company is exempted from the Bumiputera equity requirement. Bumiputera investors can apply through the 12 million share Bumiputera public tranche.
Is IPO financing available for IMPACT?
Yes. 5x or 10x IPO financing is available for IMPACT (0483) and can be requested through the CDS request page on the mahersaham.com dashboard.
Conclusion
The Impact Capital IPO offers a Shariah-compliant ICT integrator from Sarawak at a PE of about 11.3 times, with improving margins, low debt and an order book of RM129.98 million. Its main risks are dependence on Huawei and a handful of large customers, plus slow debt collection, so size your investment to match your risk tolerance.
Before applying for this or any upcoming IPO, make sure you have an active CDS account.
Open a CDS trading account to invest in Bursa Malaysia as well as foreign stocks such as US and Hong Kong shares.
Download the free Stock Market Basics Ebook to understand the fundamentals before you invest.
Further Reading
- What Is an IPO? How Initial Public Offerings Work in Malaysia
- How to Apply for a Bursa IPO with MPlus Global (in Malay)
- Pentech Holdings IPO: ICT Infrastructure Firm Lists on ACE Market at 20 Sen
- KEB Berhad IPO (KEB 0481): Cheras Property Developer Heads to ACE Market at 6x PE
- Shariah vs Conventional Investments: The Real Difference Across Stocks, Unit Trusts, EPF & Takaful