The Fortesys ACE Market listing plan puts a network infrastructure and cybersecurity provider on Bursa Malaysia’s growth board. According to its draft prospectus, reported on Oct 9, the company wants fresh money for product expansion, bigger sales teams and new offices.
Why Is Fortesys Seeking an ACE Market Listing?
Fortesys plans new distributorships for AI-enabled computer vision, AI-driven cybersecurity and network infrastructure solutions. These will complement its existing portfolio of 17 brands for which it is an authorised distributor.
It is also building proprietary technology that combines software, hardware and AI. The first product is an AI-enabled vehicle inspection system, with test kits installed at a potential customer’s premises.
How Many Shares Is Fortesys Offering in Its IPO?
- 179.22 million new shares
- 48 million existing shares in an offer for sale
- 40 million new shares for the Malaysian public
- 16 million new shares for eligible directors, employees and contributors
- 123.22 million new shares through private placement to selected investors
- 48 million offer-for-sale shares placed with selected investors
This report does not give an offer price, subscription dates or a tentative listing date. Without an offer price, the total funds raised cannot be calculated.
Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent.
Where Will the Fortesys IPO Proceeds Go?
The new-share proceeds fund five priorities. Fortesys will expand its product portfolio, grow its technical and sales teams, and develop proprietary SaaS+ solutions. It will also expand its Puchong network operations centre, open a Johor sales office and fund working capital.
Who Are the Selling Shareholders?
Offer-for-sale proceeds go to six shareholders. They are managing director Kevin Kuak Li Weng, executive directors Goh Seong Boon and Tim H’ng, product director Loh Leh Hui, business development director James Wong, and T9 Intelligence Sdn Bhd, owned by sales director Tee Yu Jing.
The six shareholders will transfer 480 million shares to Fortecore Ventures within 30 days of the prospectus launch. Fortecore is owned by Kuak, Goh, H’ng, Loh and Wong at 17% each, with T9 Intelligence holding the remaining 15%.
What Is Fortesys’ Track Record Showing?
Fortesys has an 18-year track record. Its FY2025 numbers show growth in both revenue and profit.
- Revenue: RM124.07 million, up from RM116.09 million (about 6.9%)
- Net profit: RM6.62 million, up from RM3.87 million (about 71%)
- Net margin: about 5.3%, up from about 3.3% in FY2024 (calculated from the figures above)
Equipment and software distribution made up 72.41% of FY2025 revenue. Network infrastructure and cybersecurity systems integration contributed 21.78%, and value-added services such as maintenance and managed services added 5.81%.
What Risks Stand Out in the Fortesys IPO?
Distribution drives most of the business, at 72.41% of FY2025 revenue. Malaysia accounts for 98.9% of group revenue, so the company is heavily tied to one market.
The AI vehicle inspection system is still at the test-kit stage. This report does not include valuation or peer comparison data, so a valuation view against listed rivals is not possible here.
How Can Retail Investors Apply for the Fortesys IPO?
Applications are made through the M+ Global app using Invitation Code UBZQ. For help, WhatsApp +60169059789. Background on how IPOs work is in our IPO Investing with M+ Global guide.
- Online applications need a CDS account in your own name.
- Submit only one application per IPO. Multiple applications are an offence under the Capital Markets and Services Act 2007.
- If the IPO is oversubscribed, retail portions are balloted.
The subscription period has not been confirmed in this report. Check the final prospectus for dates before applying.
This article is for information only and is not investment advice. Do your own research before making any decision on the Fortesys IPO.
Key Takeaways
- Fortesys targets an ACE Market listing with 179.22 million new shares and a 48 million share offer for sale.
- FY2025 net profit rose to RM6.62 million, up about 71% from RM3.87 million.
- Distribution made up 72.41% of FY2025 revenue, and Malaysia 98.9%.
- Fortecore Ventures will hold 60% after listing, with offer price and dates still unconfirmed in this report.
Frequently Asked Questions
Which market is Fortesys listing on?
Fortesys is seeking a listing on Bursa Malaysia’s ACE Market. Alliance Islamic Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent.
How much net profit did Fortesys make in FY2025?
Fortesys reported a net profit of RM6.62 million for the financial year ended Dec 31, 2025. That is up from RM3.87 million in FY2024, on revenue of RM124.07 million.
How many shares is Fortesys offering in its IPO?
The IPO comprises 179.22 million new shares and an offer for sale of 48 million existing shares. Of the new shares, 40 million are offered to the Malaysian public.
How do I apply for the Fortesys IPO?
Apply through the M+ Global app using Invitation Code UBZQ. Online applications require a CDS account in your own name, and only one application per IPO is allowed.
Source: View Original Article — The content is based on the original publisher. Refer to the original content for accurate info. Contact us for any changes.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
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