SET
Key figures
- IPO price
- RM 0.28
- Day 1 open
- RM 0.36
- Day 1 close
- RM 0.395
- Current price
- RM 0.205
- Day 1 open %
- +28.6%
- Day 1 close %
- +41.1%
- Since listing
- -26.8%
- Oversubscription
- 58.09x
- Market cap
- RM 280.2 M
- Offer size
- 300.24 M
- Enlarged shares
- 1000.8 M
- Float
- 30%
Four recorded prices. Spacing between points is not a time scale; the dashed line is the IPO price.
Offer structure
| Tranche | Shares | % of offer |
|---|---|---|
| Malaysian public (balloting) | 50.04 M | 16.7% |
| Bumiputera / MITI | 125.1 M | 41.7% |
| Private placement | 75.06 M | 25.0% |
| New shares issued | 250.2 M | 83.3% |
| Offer for sale | 50.04 M | 16.7% |
Business profile (from the prospectus)
Prospectus excerpt shown in the document's original language.
We are principally involved in the provision of industrial automation and power systems focusing on process control, Ex solar PV, power distribution, and other systems, mainly serving customers in the O&G, as well as grain products, edible oils, and food manufacturing industries. We are also involved in the supply of related products and services comprising the distribution of power and industrial electrical products, and provision of technical services for process control and power distribution systems. We principally operate in Malaysia (head office), Thailand, Singapore and China.
Source: company prospectus, PDF page 37.
Use of proceeds (from the prospectus)
| Item | RM'000 | % |
|---|---|---|
| Expansion of fabrication facility, storage, office and new R&D centre | 28,000 | 40.0% |
| Purchase of machineries, equipment and software | 2,200 | 3.1% |
| Setting up a dedicated R&D centre | 1,480 | 2.1% |
| Business expansion | 4,030 | 5.8% |
| Repayment of borrowing | 15,000 | 21.4% |
| Working capital | 13,346 | 19.1% |
| Estimated listing expenses | 6,000 | 8.6% |
Source: company prospectus, PDF page 55.
Financials (from the prospectus)
| FY | Revenue (RM'000) | PATAMI (RM'000) | Margin | EPS (sen) |
|---|---|---|---|---|
| FPE2023 | 65,966 | 7,986 | 12.11% | 1.06 |
| FPE2024 | 81,446 | 11,670 | 14.33% | 1.55 |
| FYE2021 | 56,155 | 3,581 | 6.38% | 0.48 |
| FYE2022 | 81,843 | 7,906 | 9.66% | 1.05 |
| FYE2023 | 92,426 | 11,948 | 12.93% | 1.59 |
Latest-FY revenue growth: +12.93%. PE at the IPO price: 17.61. Source: company prospectus (verified excerpts), PDF page 43.
Board context: ACE
Across 217 ACE IPOs in the database: median day-1 close +13.5% (P25 +0.0%, P75 +45.7%), median since-listing -8.0%. 71.0% closed day 1 above their IPO price.
This IPO's day-1 close of +41.1% sits at P73 of its board · This IPO's since-listing of -26.8% sits at P29 of its board
Board peers: ACE
| Symbol | Listed | IPO price | Day 1 close | Since listing | Market cap |
|---|---|---|---|---|---|
| THMY | 23 Oct 2025 | RM 0.31 | +193.6% | +190.3% | RM 275.3 M |
| CHEEDING | 07 Oct 2025 | RM 0.36 | +104.2% | +120.8% | RM 287.0 M |
| SCGBHD | 16 Oct 2020 | RM 0.34 | -2.9% | +514.7% | RM 272.0 M |
| CNERGEN | 24 May 2022 | RM 0.58 | +0.0% | -27.6% | RM 288.8 M |
| CENGILD | 18 Apr 2022 | RM 0.33 | +40.9% | -34.8% | RM 270.2 M |
| EMCC [NS] | 26 Sep 2023 | RM 0.24 | +31.2% | +43.8% | RM 267.6 M |
| FOODIE [NS] | 28 Nov 2025 | RM 0.30 | +33.3% | +45.0% | RM 266.4 M |
| DSS | 06 Jan 2023 | RM 0.55 | +12.7% | -54.5% | RM 264.0 M |
Audit
No audit published for this IPO.