SKA Capital’s ACE Market IPO oversubscribed by 80.42 times

Friday 30 Oct 2026

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KUALA LUMPUR (Oct 29): Investors flocked to SKA Capital Bhd’s initial public offering (IPO) ahead of its ACE Market listing, with demand exceeding the shares available to the Malaysian public by 80.42 times.

The electrical engineering firm received 25,026 applications for 3.65 billion shares worth RM1.57 billion, compared with the 44.78 million shares available for public subscription, according to an announcement by TA Securities Holdings Bhd on Thursday.

The oversubscription rate was 60.84 times for the Bumiputera portion and 100 times for the non-Bumiputera portion.

The 8.96 million shares reserved for eligible persons were fully subscribed, while all shares offered through private placements to selected investors and Bumiputera investors approved by the Ministry of Investment, Trade and Industry were fully placed out.

SKA Capital is scheduled to be listed on Bursa Malaysia's ACE Market on Nov 11, with an expected market capitalisation of RM385 million based on its IPO price of 43 sen per share.

The company mainly provides substation engineering and underground utilities engineering services, as well as trading electrical equipment and construction materials for power infrastructure projects.

The IPO will raise RM103.4 million, of which RM72.3 million will go to the company, while managing director Datuk Subas Kumar Ambairam will receive RM31.13 million from the sale of his existing shares.

Of the proceeds raised by the company, RM32.72 million will be used for working capital, RM21 million for performance bonds to secure future projects, RM12.05 million for machinery and equipment, and RM6.5 million for listing expenses.

Earlier this week, SKA Capital secured six subcontracts worth a combined RM89.28 million for electrical infrastructure works related to Tenaga Nasional Bhd (KL:TENAGA) projects.

The latest contracts came on top of its previously reported outstanding order book of about RM313 million.

TA Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.

Edited ByPresenna Nambiar

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