KUALA LUMPUR (July 13): Raiden Holdings Bhd, an engineering services firm, is seeking a listing on the ACE Market to raise funds for expansion and its shareholders.

The Johor-based company is now looking for a new 10,000-square-feet office in the Klang Valley and will add 32 people to its workforce to strengthen its presence in the central region, according to its draft prospectus. Raiden has yet to identify a property or the location of the office, it noted.

The new office will help sales and marketing as well as “project implementation, where our engineers and project managers are closer to project sites to provide better support”, Raiden said.

Founded and run by Cheong Kah Yee, who turns 38 this year, Raiden provides mechanical and electrical systems for industrial properties including factories, warehouses and aircraft maintenance facilities, as well as other specialised facilities such as data centres.

Kah Yee, a lawyer by training, started the business in 2021 and grew its revenue to RM164 million in 2025. Net profit, however, fell to about RM9 million last year from RM16 million in 2024 mainly due to lower income contribution from completed and nearly-completed projects. Still, Raiden said it has an unbilled order book of RM153 million, which will provide income until 2028.

Funds raised from the initial public offering (IPO) have also been set aside for capital expenditure, including installation of project management and accounting software as well as purchase of new equipment including boom lifts and forklifts.

The IPO also comes with an offer for sale of existing shares, of which proceeds will accrue entirely to Kah Yee and his brother Cheong Kah Yang, who does not hold any position in Raiden, as well as executive director Ooi Chi Yang.

Alliance Islamic Bank is the IPO’s principal adviser, sponsor, sole underwriter and placement agent.