PETALING JAYA: Power engineering solutions provider EI Power Bhd (EIP) aims to raise RM62.2 million to fund expansion and capitalise on rising demand from data centre developments from its initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.
Based in Shah Alam, EIP, through its subsidiaries, is an engineering, procurement, construction, and commissioning (EPCC) provider of mission critical, conventional, and renewable energy power solutions.
Its scope of work involves the design, project management, supply, installation, testing, commissioning, and maintenance of diesel generation, fuel distribution systems, and solar photovoltaic (PV) systems.
The group has established a strong presence in mission critical facilities such as data centres and semiconductor plants, in addition to undertaking projects across commercial, industrial and residential properties, as well as solar farms.
With a presence across Peninsular Malaysia, the group delivers projects nationwide, ensuring business continuity for its customers.
Since 2022, the group has completed 146 projects with a combined project value of RM188.2 million, which includes data centres, industrial and commercial properties.
This is further underpinned by total unbilled order book of RM99.9 million as at 24 March 2026, comprising predominantly data centre projects, reflecting continued demand for mission critical power solutions.
For the financial year ended 31 Dec 31, 2025, the group’s revenue grew 53.6% year-on-year (y-o-y) to RM77.4 million from RM50.4 million in FYE 2024, primarily driven by higher contribution from data centre projects, which made up 86.3% of turnover.
Meanwhile, profit after tax surged 112.1% YoY to RM19.3 million from RM9.1 million over the same period.
EIP executive director cum CEO Albert Chang Wan Siong said the proceeds from the IPO will enable them to strengthen operational capabilities and support expansion plans, including the establishment of a new headquarters cum warehouse in Selangor, the set-up of a branch office in Johor, and venture into Thailand’s growing data centre market.
“Meanwhile, we are also expanding our solutions offering to include building energy efficiency systems. Collectively, these initiatives will enhance our corporate image, support workforce expansion, and position us to capture opportunities arising from the growing emphasis on cost optimisation and sustainability,” he said in a statement.
The power engineering industry in Malaysia, based on EPCC spent on power engineering solutions, is projected to expand to RM5.6 billion by 2027 from RM4.9 billion in 2025, representing a two-year compound annual growth rate of 6.9%.
This growth is driven by strong demand from data centre developments, fuelled by hyperscale and artificial intelligence workloads, as well as continued expansion in the semiconductor and electronics industry amid advancements such as 5G and the Internet of Things.
Of the RM62.2 million to be raised, RM18.3 million (29.4%) will be allocated for the acquisition and setup of a new headquarters-cum-warehouse, RM10.0 million (16.1%) for capital expenditure on building energy efficiency systems, RM1.4 million (2.2%) for establishing an office in Thailand, RM2.3 million (3.7%) for a Johor branch office-cum-warehouse, and RM24.9 million (40.1%) for working capital. The remaining RM5.3 million (8.5%) is earmarked for listing expenses.
The IPO involves the issuance of 129.5 million new shares, representing 18.5% of its enlarged share capital, and an offer for sale of 70.0 million existing shares, equivalent to 10.0%.
Of the new shares, 35.0 million will be made available to the Malaysian public via balloting, 17.5 million allocated to eligible directors, employees and contributors, 14.0 million reserved for entitled shareholders of OCK Group Berhad, and 63.0 million placed out to Bumiputera investors approved by MITI.
For the offer for sale, 24.5 million shares will be placed out to Bumiputera investors approved by MITI, while 45.5 million shares will be allocated to selected investors.
Upon listing, EIP will have a market capitalisation of RM336.0 million, based on an enlarged share capital of 700.0 million shares at an IPO price of 48 sen per share.
EIP is scheduled to be listed on the ACE Market of Bursa Securities by May 21, 2026.
M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
