KUALA LUMPUR (May 20): Sum Technology Bhd is now accepting applications from investors for its ACE Market shares in a listing that will raise RM32.76 million for the engineering services firm.
The initial public offering (IPO) is priced at 28 per share, according to its prospectus released on Wednesday. The IPO consists entirely of public issue of new shares, meaning that existing shareholders are not cashing out their stake.
Applications will be closed on June 4 and listing has been scheduled for June 18.
Sum Technology builds cleanrooms and other facilities with controlled environments as well as provides mechanical, electrical, process utilities and fire protection systems for mission-critical facilities.
Based in Petaling Jaya, the company also manufactures customised mechanical ventilation and air conditioning products. The IPO, which consists solely of public issue of new shares, will raise fresh funds for the company’s operations and expansion in its home market as well as abroad.
More than half of the IPO proceeds have been earmarked as working capital. Sum Technology is also allocating 17% of the funds raised to expand its headquarters, 8.7% to set up an office in the Philippines, its biggest foreign market, and 7.6% on design and development activities.
The rest of the proceeds will be used to cover listing expenses.
Sum Technology will have a market capitalisation of RM126 million upon listing, valuing it at a little under 21 times the trailing earnings. The company made a net profit of RM6.06 million in 2025 on the back of a revenue of RM65.67 million.
Malacca Securities is also the IPO’s principal adviser, sponsor, and placement agent.