KUALA LUMPUR (Oct 8): MyDCD Bhd, a provider of mechanical, electrical, plumbing and fire protection (MEPF) engineering services for critical infrastructure such as data centres, has signed an underwriting agreement with TA Securities Holdings Bhd for its proposed ACE Market listing, targeted for the fourth quarter of this year.
The initial public offering (IPO) comprises a public issue of 335 million new shares, with proceeds mainly earmarked for working capital and business expansion. The Malaysian public can ballot for 89.7 million of these shares.
Another 36 million shares will be allocated to eligible directors, employees and persons who have contributed to the group, while 50.71 million will be placed with selected investors. The remaining 158.59 million shares will be placed with Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
The IPO also includes an offer for sale of 145 million existing shares, comprising 79.34 million shares to selected investors and 65.66 million shares to Miti-approved Bumiputera investors, both via private placement.
The total offering of 480 million shares represents 26.76% of MyDCD's enlarged share capital.
MyDCD, which filed the draft IPO prospectus in January, has about 15 years of experience in Malaysia’s data centre MEPF industry.
Chief executive officer Chris Ow Yong said in a statement on Thursday that Malaysia’s position as a growing data centre hub is underpinned by its cost competitiveness, reliable utilities and strong policy support, with Johor also benefiting from lower operating costs and proximity to Singapore’s connectivity infrastructure.
“With the data centre market projected to grow from US$4.04 billion in 2024 to US$13.57 billion by 2030, this is an opportune time for us to scale up and capture a larger share of this growth,” he said.
“As we move towards our proposed ACE Market listing, the IPO will provide us with the resources to strengthen our project and engineering capabilities, expand our workforce and enhance our operational infrastructure."
TA Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.
MyDCD serves a broad customer base in the data centre ecosystem. Its clients include Bursa Malaysia, MEC Jati Consortium Sdn Bhd for a data centre owned by Telekom Malaysia Bhd (KL:TM), Nakano Construction Sdn Bhd for a Tier III data centre, Petronas group of companies and Binastra Builders Sdn Bhd, a unit of Binastra Corp Bhd (KL:BNASTRA).
From the financial year ended June 30, 2023 (FY2023) to FY2025, MyDCD completed RM549.3 million in data centre-related projects.
Its net profit has grown steadily in the past three year, posting RM16.8 million in FY2023, RM20.02 million in FY2024 and RM39.5 million in FY2025.