Malaysian fiber-optic infrastructure provider Neutrans doubles shares offered ahead of $19 million US IPO
IPO Overview
Neutrans, which provides fiber-optic internet infrastructure in Malaysia, raised the proposed deal size for its upcoming IPO on Thursday.
The Cyberjaya, Malaysia-based company now plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. The company had previously filed to offer 1.9 million shares at the same range. At the midpoint of the revised deal size, Neutrans will raise 100% more in proceeds than previously anticipated and command a market cap of $128 million （+8% versus previous terms）。
The company provides fiber-optic infrastructure in Malaysia, owning and operating about 80 fiber ducts. Its offerings include selling fiber ducts （66% of FY25 revenue）， leasing fiber cores （28%）， entering IRU agreements （4%）， and providing related operation and maintenance services to enterprise and carrier customers （2%）。
Neutrans was founded in 2011 and booked $4 million in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol NEUT. Blue Diamond Securities of America and Cathay Securities are the joint bookrunners on the deal.
About the Company
We are a fiber-optic infrastructure provider based in Cyberjaya, Malaysia, offering internet connection solutions through four business units: fiber core leasing, fiber duct sales, IRU Agreements, and operation and maintenance services. Our products and services support high-bandwidth applications such as internet connection, data center interconnection, enterprise networking, and trunk connectivity. We currently generate revenue from the following sources: Fiber Core Leasing: We generate revenue from fiber core leasing by charging customers recurring fees based on the number of fiber cores leased and the length of the fiber route. Fiber Duct Sales: For the fiscal year ended March 31, 2024, we generated revenue by selling our fiber ducts to a third-party customer. IRU Agreements: We generate revenue from IRU Agreements, which grant customers long-term, irrevocable rights to use fiber cores. Operation and Maintenance: We provide operation and maintenance services in connection with IRU Agreements. These services include remote monitoring, fault response, and regular maintenance of the leased fiber routes. The service fees are bundled with an IRU Agreement and calculated as 3% or more of the total IRU Agreement value.