KUALA LUMPUR (Sept 11): Engineering solutions provider Prudent Aire Holdings Bhd is seeking a listing on the ACE Market of Bursa Malaysia to raise funds for business expansion and working capital.

According to its draft prospectus filed with Bursa Malaysia, the initial public offering (IPO) comprises a public issuance of 103.5 million new shares and an offer for sale of 18 million existing shares via placement to selected investors.

The exercise will result in 121.5 million shares, or 27% of the company’s enlarged issued share capital of 450 million shares, being placed out to investors.

Of the public issue, 22.5 million shares will be made available to the Malaysian public, and 11.25 million shares will be set aside for eligible directors, employees and persons who have contributed to the company; the remaining 69.75 million shares will be placed out to selected investors.

Prior to the IPO, the group is wholly owned by the Tung family, with managing director Tung Kum Weng being the largest shareholder with a 35.74% stake, followed by his wife Liew Swee Hoon (26.04%), and their children Tung Wan Qing (20.23%) and Tung Jing Yi (17.99%).

Post-listing, their individual stakes will drop to 2.5% each, while they will have an indirect 63% — held under their family investment vehicle TKW Resilient, will hold a 63% direct stake in post-IPO.

Based in Seri Kembangan, Prudent Aire specialises in heating, ventilation, and air conditioning (HVAC) solutions, particularly the fabrication of pre-insulated ducts and panels.

It serves the automotive, industrial, construction, agriculture, marine, mining and logistics infrastructure sectors.

The company plans to set up a new manufacturing facility in Nilai, Negeri Sembilan with a built-up area of at least 80,000 sq ft to expand production and manufacture its own polyisocynaurate pre-insulated panels, which are mainly used in the construction of air-conditioning and ventilation ducts.

IPO proceeds will also be allocated for the purchase of additional machinery and equipment, as well as for working capital and listing expenses.

For the financial year ended Dec 31, 2025 (FY2025), Prudent Aire’s net profit rose to RM8.2 million from RM5.7 million for FY2024, as revenue grew to RM41.5 million from RM36.6 million.

M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.