KUALA LUMPUR (May 11): ACE Market-bound EI Power Bhd’s initial public offering (IPO) has been oversubscribed by 30.8 times ahead of its listing on Bursa Malaysia Securities Bhd on May 21.
The power engineering solutions provider received 21,490 applications for 1.11 billion issue shares worth approximately RM533.7 million for the 35 million shares allocated to the Malaysian public, representing an overall subscription rate of 30.8 times.
For the Bumiputera portion, the company received 9,164 applications for 293.76 million shares, representing an oversubscription rate of 15.8 times.
Meanwhile, the public portion attracted 12,326 applications for 818.12 million shares, translating into an oversubscription rate of 45.8 times.
The 17.5 million issue shares available for application by the eligible directors, employees and persons who have contributed to the success of the group, as well as the 14 million issue shares for the entitled shareholders of OCK Group Bhd (KL:OCK), have been fully subscribed, it added.
In a statement, EI Power executive director and chief executive officer Albert Chang Wan Siong said the strong response reflects investor confidence in the group’s business fundamentals and growth prospects.
Chang said industry fundamentals remain positive, underpinned by rising demand for digital services and continued data centre development, particularly in Johor under the Johor-Singapore Special Economic Zone (JS-SEZ) and the Johor Digital Plan initiatives.
“As we expand into Thailand, we are seeing encouraging developments, with Thailand’s Board of Investment having approved 36 data centre projects with total investments exceeding 728 billion Thai baht, or RM93.7 billion, signalling strong government support and Thailand’s central role in Southeast Asia’s growing digital infrastructure,” Chang added.
Backed by telecom services firm OCK, EI Power offerings in power engineering includes the design, project management, supply, installation, testing, commissioning and maintenance of diesel generation and fuel distribution systems, as well as solar photovoltaic (PV) systems, supporting uninterrupted business operations for its customers.
Since 2022, EI Power has delivered 146 projects across data centres, industrial and commercial properties in Malaysia. Its unbilled order book stood at RM99.9 million as at March 24, 2026, providing earnings visibility through 2027.
The IPO involves the issuance of 129.5 million new shares at 48 sen apiece, representing 18.5% of the enlarged share capital. EI Power aimed to raise RM62.2 million.
The IPO also includes an offer for sale of 70 million existing shares, representing 10% of EI Power’s enlarged issued share capital, via private placement to selected investors and Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
The proceeds from the new shares will mainly be used for the acquisition and setup of a new headquarters and warehouse (RM18.3 million), working capital (RM24.9 million), installation of energy-efficiency systems (RM10 million), setting up an office in Thailand (RM1.4 million) and a branch office cum warehouse in Johor (RM2.3 million).
The remaining RM5.3 million will be used to defray listing expenses.
Upon listing, EI Power will have a market capitalisation of RM336 million, based on an enlarged share base of 700 million shares.
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.