KUALA LUMPUR (June 3): Enproserve Group Bhd, a mechanical and engineering services firm, signed an agreement for KAF Investment Bank Bhd to underwrite its initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Listing is targeted by the third quarter of 2025 (3Q2025), Enproserve said in a statement. Under the agreement, KAF Investment Bank will underwrite the new shares allocated to the Malaysian public and eligible persons.
“Our IPO is the next step in our expansion plan, providing us with capital to enhance our capacity and capabilities to capture significant growth opportunities,” said Enproserve group managing director Azman Yusof said.
The Selangor-headquartered company, which mainly caters to the oil-and-gas industry, specialises in plant maintenance and turnaround (PMT), and engineering, procurement, construction, and commissioning (EPCC) services. Enproserve also rents out heavy lifting equipment and vehicles.
Proceeds from the IPO will be utilised for the purchase of new machinery and equipment, as well as the setting up of a crane depot facility in Paka, Terengganu, according to its draft prospectus filed in 2024.
The new assets will allow the company to take on more jobs amid increasing market demand. Enproserve also plans to use some of the proceeds for working capital requirements, repayment of bank borrowings, and defraying listing expenses.
The IPO will involve a public issue of 210 million shares, plus an offer for sale of 105 million existing shares by its MD Azman, who is the company’s sole shareholder, at a price to be determined later.
A large bulk of the IPO shares, equivalent to 139.2 million shares, will be placed out privately to selected investors. Only 52.5 million shares will be allocated to the Malaysian public, with 18.3 million shares reserved for eligible directors, employees, and contributors to the group.
KAF Investment Bank is the IPO’s advisor, sponsor, underwriter, and placement agent.