KUALA LUMPUR (Nov 5): Rosado Bhd, specialising in electrical works for data centres, added Kenanga Investment Bank Bhd as an underwriter for its ACE Market listing this month.

Kenanga will join Malacca Securities to underwrite shares under the initial public offering (IPO) set aside for the Malaysian public investors and eligible persons under the pink form allocation. The IPO is set for launch on Nov 27, according to a spokesperson for Rosado.

Malacca Securities is the principal adviser, sponsor, managing underwriter and managing placement agent for the IPO while Kenanga is a joint underwriter and joint placement agent.

The listing will provide Rosado with access to capital to strengthen its capabilities and support its expansion, managing director and chief executive officer Datuk Lim Tiew Sin said in a statement.

“We see this listing exercise as an opportunity to build on the foundation we have established and pursue our next phase of growth,” he said.

Based in Selangor, Rosado provides mechanical, electrical, and plumbing engineering services commonly known as MEP for data centres — clients that accounted for nearly all of its revenue in the past three years. The company also performs earthworks and other civil construction services.

The planned IPO will be the latest in the line of MEP contractors filing for an IPO on Bursa Malaysia. Pioneer Heat Holdings Bhd (KL:PIONEER) was listed in September, while SKA Capital Bhd is set for Nov 11 listing. MyDCD Bhd is scheduled for a debut on Nov 17.

Rosado’s specialisation in electrical engineering works for data centres “places it within an important segment of the digital infrastructure value chain, where dependable power infrastructure and execution capabilities are essential”, said Malacca Securities managing director Lim Chia Wei.

The company is well positioned to tap into the rising demand for data centres thanks to its track record, said Datuk Roslan Tik, an executive director and the head of group investment banking and Islamic banking at Kenanga.

The IPO also includes an offer for sale of existing shares by TSLIM Holdings Sdn Bhd, a private vehicle of the founding Lim family of Rosado, according to the draft prospectus filed in June.

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