KUALA LUMPUR: Pioneer Heat Holdings Bhd aims to raise RM21.68 million from its initial public offering (IPO) following its listing on the ACE Market of Bursa Malaysia on Sept 17, 2026.
The mechanical engineering services provider said that of the proceeds, RM4 million will be utilised to set up its new headquarters in Sendayan, Negeri Sembilan, and RM2.07 million to establish its new office in Sarawak.
A further RM4.01 million is allocated for the purchase of machinery and equipment, RM7.90 million for working capital and RM3.70 million for estimated listing expenses.
During a press conference after the launch of the company’s prospectus here today, Pioneer Heat’s chief executive officer and executive director Wong Wei Ken said the group is already active in Sarawak and sees significant opportunities to expand its presence in the state.
He said the group plans to expand its office and workshop in the state, allowing it to undertake fabrication work in addition to its existing site erection services.
"We can see that the pipeline opportunity is there, so we hope to expand our workshop to cover the fabrication work and the site erections as well,” he said.
He said the company had also obtained a registered vendor licence from Petroleum Sarawak Bhd, which provides it with further opportunities amid the growth of Sarawak’s oil and gas sector.
Additionally, Wong said the group’s new headquarters and workshop in Sendayan, Negeri Sembilan, will enhance its capability to serve its central region customers.
According to its prospectus, of the 86.70 million new ordinary shares under the public issue, 17.35 million shares are allocated to the Malaysian public while 58.95 million shares are available via private placement to selected investors.
"Additionally, 10.41 million shares are available for application by our eligible directors and employees as well as persons who have contributed to the success of Pioneer and its subsidiaries,” it said.
At the same time, 17.35 million existing shares will be offered by way of private placement to selected investors.
Upon listing, Pioneer Heat’s enlarged share capital will comprise 346.90 million shares, with an indicative market capitalisation of RM86.73 million based on the IPO price of 25 sen per share.
Applications for the IPO open today and close on Sept 3, 2026.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise. - Bernama
