KUALA LUMPUR: EI Power Bhd (EIP), which is scheduled to be listed on the ACE Market of Bursa Malaysia on May 21, saw its initial public offering (IPO) oversubscribed by 30.8 times.
The power engineering solutions provider received 21,490 applications for 1.11 billion issue shares worth RM533.7mil for the 35 million shares allocated to the Malaysian public.
The Bumiputera portion was oversubscribed by 15.8 times, while the public portion saw an oversubscription rate of 45.8 times.
EIP said the 17.5 million shares allocated to eligible directors, employees and contributors to the group’s success, as well as the 14 million shares reserved for entitled shareholders of OCK Group Bhd
, were fully subscribed.
The company added that the private placement shares for Bumiputera investors approved by the Ministry of Investment, Trade and Industry and selected investors were also fully placed out.
The IPO involves the issuance of 129.5 million new shares at 48 sen each, raising gross proceeds of RM62.2mil.
EIP said RM18.3mil of the proceeds will be used for the acquisition and setup of a new headquarters and warehouse, while RM24.9mil has been earmarked for working capital.
Executive director and chief executive officer Ir. Albert Chang Wan Siong said the proceeds raised would support the group’s expansion plans, enabling it to scale operations, strengthen capabilities and better meet rising demand for power engineering solutions across its key markets.
He said industry fundamentals remained positive, driven by rising demand for digital services and continued data centre development, while initiatives such as the Johor-Singapore Special Economic Zone and Johor Digital Plan were 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 total investments exceeding 728 billion Thai Baht, or RM93.7bil, 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 added.
Since 2022, the group has delivered 146 projects across data centres, industrial and commercial properties in Malaysia.
As at March 24, 2026, its unbilled order book stood at RM99.9mil.
Based on the IPO price of 48 sen a share, EIP is expected to have a market capitalisation of RM336 million upon listing.
M&A Securities serves as the adviser, sponsor, underwriter and placement agent for the IPO exercise.
