KUALA LUMPUR: The public portion of Express Powerr Solutions (M) Bhd
's initial public offering (IPO) was obersubscribed by 13.55 times, en route to a listing on the ACE Market of Bursa Malaysia on Sept 24, 2025.
Express Powerr's IPO entails a public issue of 180 million new ordinary shares at an issue price of 20 sen per share. This represents 19.26 per cent of the enlarged issued shares, with RM36mil expected to be raised.
In a statement, the generator rental services provider said it had received 8,338 applications for 679.95 million shares valued at RM135.99mil.
From this tally, the Bumiputera public portion received a total of 4,097 applications for 255.13 million shares, which represented an oversubscription rate of 9.92 times.
The remaining Malaysian public portion received 4,241 applications for 424.82 million shares, for an oversubscription rate of 17.18 times.
The company also shared that the 18.69 million shares made available for application by eligible persons had been fully subscribed, while the 63.19 million shares for private placement to selected investors had been fully placed out.
The 116.81 million IPO shares made available by way of private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry were fully subscribed after applying the relevant clawback and reallocation provisions as set out in the prospectus.
“The proceeds will allow us to strengthen our fleet and enhance our operations, giving us greater capacity and flexibility to serve more customers.
"With these improvements, we are better positioned to capture future opportunities, support critical infrastructure and create long-term value for our shareholders and customers alike," said Express Powerr managing director Lim Cheng Tan in a statement.
Upon listing, Express Powerr will have a market capitalisation of RM186.89mil and an enlarged issued share capital of 934.45 million shares.
According to the announcement, the notices of allotment will be posted to all successful applicants by Sept 22, 2025.
