KUALA LUMPUR (April 21): EI Power Bhd, which builds electrical systems powering data centres, is now accepting orders from investors for its initial public offering (IPO) shares on the ACE Market.
The IPO, priced at 48 sen per share, will raise RM62.16 million from the public issue of new shares for the company’s expansion and operations, according to its prospectus released on Tuesday. An offer for sale of existing shares, meanwhile, will gross RM33.6 million for three major shareholders.
Applications for the IPO shares will close on May 6 and listing has been scheduled for May 21.
Backed by OCK Group Bhd (KL:OCK), EI Power focuses on diesel generation and fuel distribution systems as well as solar photovoltaic systems.
Apart from supplying mission-critical power systems to data centres that require large-scale, complex generation and distribution systems, the company based in Shah Alam, Selangor also offers conventional power solutions for commercial, industrial and residential buildings.
EI Power has earmarked nearly half of the IPO proceeds as working capital to pay suppliers and hire more than a dozen new staff.
The company is also setting aside 29% for the acquisition of new headquarters that will also double up as its warehouse, and 16% for the installation of building energy efficiency systems. The rest will be used to set up an office in Thailand and a branch in Johor as well as to cover listing expenses.
OCK Group, mostly known for providing network and infrastructure services to the telecom industry; EI Power chief executive officer Albert Chang; and substantial investor Siew Wei Foo are cashing out part of their stakes in the company under the offer for sale.
All in all, the listing is expected to offer investors up to 28.5% in the company valued at RM336 million upon listing. In 2025, EI Power made a net profit of RM19.35 million on revenue of RM77.4 million.
M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO.