KUALA LUMPUR (Dec 11): TP TEC Holding Bhd (KL:TPTEC) made its debut on the LEAP Market on Wednesday, opening at 13 sen per share, representing a 30% premium to its reference price of 10 sen.

At market close, TP TEC Holding’s share price remained at 13 sen, valuing the group at some RM33 million.

“Today marks a historic milestone for TP TEC Holding as we make our debut on Bursa Malaysia’s LEAP Market. Our listing is a testament to the strength of our business model and our commitment to delivering innovative, reliable, and sustainable power and equipment solutions. It not only elevates our corporate profile but also positions us to leverage the capital markets for future growth,” said TP TEC Holding managing director Lau Poh Keong in a statement.

TP TEC Holding chief executive officer Eric Chew chimed in, saying that the group’s specialised power solutions play an important role in enabling connectivity and infrastructure development, especially in remote and rural areas, or in places off the grid.

“With Malaysia’s accelerated 5G deployment and the Jalinan Digital Negara (Jendela) project initiative, rising investments into data centres across the country, and the ongoing development of major infrastructure projects, we are positioning ourselves to meet growing demand for efficient and scalable power solutions,” Chew added.

The group, a power and equipment solutions provider, said in its statement that no new shares were issued and no additional funds were raised as part of the listing process, given that the listing was done by way of introduction.

Nonetheless, TP TEC Holding said that it had raised a total of RM2.5 million through a private subscription of shares in August 2024, prior to the listing. The group plans to use 60% of the proceeds to expand its fleet of power generators, and the remaining 40% for defraying listing expenses.

TP TEC Holding recorded a 76.78% year-on-year increase in revenue to RM19.87 million for the financial year ended Dec 31, 2023 (FY2023), driven by increased demand for rental of power generators from the telecommunications industry.

Net profit also more than doubled to RM1.3 million in FY2023 compared to a year ago on the back of higher revenue. The group attributed the increase to the demand for power generator rental from the telecommunications industry.

For the first nine months ended Sept 30, 2024, net profit rose 214.29% to RM2.64 million from a year earlier while revenue rose 89.18% to RM25.88 million.