KUALA LUMPUR: Power engineering solutions provider EI Power Bhd has garnered 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 the mission critical, conventional, and renewable energy power solutions.
The group’s offerings in power engineering include the design, project management, supply, installation, testing, commissioning, and maintenance of diesel generation and fuel distribution 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, enabling us to scale our operations, strengthen our capabilities, and better position us to meet the rising demand for power engineering solutions across our key markets.
“Industry fundamentals remain positive, underpinned by rising demand for digital
services and continued data centre development.
“Locally, initiatives such as the Johor-Singapore Special Economic Zone and the Johor Digital Plan, alongside the increasing rollout of data centre projects in Johor, are expected to accelerate investments in digital infrastructure.”
“As we expand into Thailand, we are seeing encouraging developments, with Thailand’s Board of Investment having approved 36 data centre projects with a total
investments exceeding 728 billion Thai Baht, or RM93.7 billion, signalling strong
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, delivering power solutions that support operational continuity,” he said.
Since 2022, the group has established a track record, having delivered 146 projects for customers across data centres and industrial and commercial properties in Malaysia.
This breadth of project exposure demonstrates its technical capabilities and ability to execute across diverse project requirements.
Building on this foundation, the group’s unbilled order book of RM99.9 million, as of March 24, 2026, reflects sustained customer demand for its services and provides revenue visibility through 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 enlarged share capital, with RM62.2 million in expected proceeds to be raised.
In addition, there is an offer for sale of 70.0 million shares, representing 10.0%
of its enlarged issued share capital, by way of private placement to selected investors and Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
Regarding the 35.0 million shares allocated 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 for 293.76 million shares were received, 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, the 17.5 million shares available for application by the eligible
directors, employees and persons who have contributed to the success of the group,
as well as the 14.0 million shares for the entitled shareholders of OCK Group
Bhd has been fully subscribed.
Additionally, the private placement of 63.0 million shares and 24.5 million shares to Bumiputera investors approved by Miti has been fully placed.
The private placement of 45.5 million shares to selected investors has also been
fully placed out.
Notices 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 the acquisition and setup of new headquarters cum warehouse; RM10.0
million (16.1%) as capital expenditure for the installation of building energy efficiency systems; RM1.4 million (2.2%) to establish an office in Thailand; RM2.3 million (3.7%) to establish 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 capitalisation of RM336.0 million based
on the issue/offer price of 48 sen per share and the enlarged issued share capital of 700.0 million shares.
M&A Securities Sdn Bhd serves as the adviser, sponsor, underwriter and placement agent for the IPO exercise.