KUALA LUMPUR (June 8): Engineering services firm Sum Technology Bhd’s initial public offering (IPO) has been oversubscribed by 110.54 times for the 22.5 million new shares allocated to the Malaysian public.
The group is slated for listing on the ACE Market of Bursa Malaysia on June 18. Its IPO comprises entirely a public issue of 117 million new shares, with no offer for sale by existing shareholders.
In a statement on Monday, Sum Technology said it received 19,834 applications for 2.51 billion IPO shares with a value of RM702.7 million from the Malaysian public.
Of this, the Bumiputera portion saw 8,873 applications for 820.61 million shares, translating into a subscription rate of 71.94 times. The public portion recorded 10,961 applications for 1.69 billion shares, representing an oversubscription rate of 149.14 times.
The 4.5 million shares reserved for eligible persons were fully subscribed. Meanwhile, the 56.25 million shares allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry were also fully taken up.
Additionally, 33.75 million shares earmarked for selected investors have been fully placed out via private placement.
Sum Technology specialises in the construction of cleanrooms and other controlled-environment facilities, as well as the provision of mechanical, electrical, process utilities and fire protection systems for mission-critical operations. Based in Petaling Jaya, the company also manufactures customised mechanical ventilation and air conditioning products.
The company’s IPO, priced at 28 sen per share, is expected to raise RM32.76 million. More than half of the proceeds will be used for working capital, with the remainder allocated for the expansion of its headquarters, establishment of an office in the Philippines — its largest overseas market — and design and development activities.
Upon listing, Sum Technology will have a market capitalisation of RM126 million, implying a valuation of just under 21 times its trailing earnings. The group posted a net profit of RM6.06 million for 2025 on revenue of RM65.67 million.
Malacca Securities is the IPO’s principal adviser, sponsor and placement agent.