KUALA LUMPUR: Power engineering solutions provider EI Power Bhd has attracted significant investor interest in its initial public offering (IPO), which has been oversubscribed by 30.8 times ahead of its listing on Bursa Malaysia’s ACE Market.
EI Power undertakes engineering, procurement, construction and commissioning (EPCC) across mission critical, conventional and renewable energy power solutions.
The Group’s offering in power engineering includes design, project management, supply, installation, testing, commissioning and maintenance of diesel generation and fuel delivery systems as well as solar photovoltaic (PV) systems to support uninterrupted business operations for its customers.
Commenting on the oversubscription rate, Executive Director and CEO Ir Albert Chang Wan Siong said the strong response to the IPO reflects investors’ confidence in the group’s business fundamentals and growth prospects.
“The proceeds raised will support our expansion plans, helping us scale our operations, strengthen our capabilities and better position us to meet the growing demand for power engineering solutions in our key markets.
“Industry fundamentals remain positive due to growing demand for digital
Services and continued data center development.
“Locally, the increased rollout of data center projects in Johor as well as initiatives such as the Johor-Singapore Special Economic Zone and the Johor Digital Plan are expected to accelerate investment in digital infrastructure.”
“As we expand into Thailand, we are seeing encouraging growth, with the Board of Investments of Thailand approving a total of 36 data center projects
Investment of more than 728 billion Thai baht or RM93.7 billion, a strong sign
Government support and Thailand’s central role in Southeast Asia’s growing digital
Infrastructure.
“Building on this momentum, we will continue to serve as a trusted partner to our customers, providing power solutions that support operational continuity,” he said.
Since 2022, the group has set a track record by delivering 146 projects for clients in data centers and industrial and commercial properties in Malaysia.
This breadth of project performance reflects its technical capabilities and ability to execute diverse project requirements.
On this basis, the group’s unbilled order book of RM99.9 million as at March 24, 2026, reflects continued customer demand for its services and provides revenue visibility to 2027.
The IPO exercise involves a public issue of 129.5 million shares at an issue price of 48 sen per share.
This represents 18.5% of its increased share capital, with expected proceeds of RM62.2 million to be raised.
In addition, there is an offer for sale of 70.0 million shares, representing 10.0%
Its increased issued share capital through a private placement to selected investors and Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
Regarding the 35.0 million shares allotted to the Malaysian public, EI Power has received 21,490 applications for 1.111 billion shares, valued at approximately RM533.7 million, representing an overall oversubscription rate of 30.8 times.
For the Bumiputera portion, 9,164 applications were received for 293.76 million shares, representing an oversubscription rate of 15.8 times, while for the public portion, 12,326 applications were submitted for 818.11 million shares, resulting in an oversubscription rate of 45.8 times.
Meanwhile, 17.5 million shares are available for eligible people to apply for
Directors, employees and individuals who have contributed to the success of the Group,
as well as 14.0 million shares for OCK Group entitled shareholders
Bhd. has been fully subscribed.
Additionally, a fully funded private placement of 63.0 million shares and 24.5 million shares have been granted to Bumiputera investors approved by Miti.
A private placement of 45.5 million shares has also been made to selected investors
Completely excluded.
Notice of allotment will be posted to all successful applicants by May 18, 2026.
From the IPO proceeds of RM62.2 million, the group has allocated RM18.3 million
(29.4%) for acquisition and establishment of new headquarters cum warehouse; RM10.0
million (16.1%) as capital expenditure for installation of building energy efficiency systems; RM1.4 million (2.2%) to set up an office in Thailand; RM2.3 million (3.7%) to set up a branch office cum warehouse in Johor; and RM24.9 million (40.1%) for working capital purposes.
The remaining RM5.3 million (8.5%) will be used to defray listing expenses.
EI Power is scheduled to be listed on the ACE Market of Bursa Malaysia on May 21, 2026.
Upon listing, EI Power will have a market capitalization based on RM336.0 million
At an issue/offer price of 48 sen per share and an increased issued share capital of 700.0 million shares.
M&A Securities Sdn Bhd acts as advisor, sponsor, underwriter and placement agent for the IPO exercise.
