KUALA LUMPUR: Power infrastructure engineering solutions provider SKA Capital Bhd aims to raise RM72.3 million from its initial public offering (IPO) to strengthen its ability to undertake multiple projects concurrently and compete for larger, higher-value power infrastructure contracts.
The group today launched its IPO prospectus in conjunction with its upcoming listing on the ACE Market of Bursa Malaysia on Nov 11, 2026.
In a statement today, SKA Capital said the proceeds would be used mainly to purchase machinery and equipment, support performance bond requirements for future projects and fund working capital, with the balance allocated to listing expenses.
It said the IPO comprises a public issue of 168.075 million new ordinary shares at an issue price of 43 sen per share and an offer for sale of 72.4 million existing shares by way of private placement to selected investors.
"Of the new shares, 44.77 million will be made available to the Malaysian public, 8.95 million to eligible directors, employees and persons who have contributed to the group’s success, 111.93 million to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, and 2.40 million to selected investors.
"Based on an enlarged issued share capital of 895.5 million shares, SKA Capital would have an indicative market capitalisation of RM385.1 million upon listing,” it added.
Managing director Datuk Subas Kumar Ambairam said Malaysia’s power infrastructure sector continued to benefit from sustained investment, with Tenaga Nasional Bhd
committing RM18 billion in total capital expenditure for 2026 and, under Budget 2027, RM15 billion specifically to strengthen the national electricity grid.
"This sustained commitment to grid resilience, expansion and modernisation, together with rising electricity demand, data centre development and renewable energy integration, continues to create opportunities for SKA Capital.
"We believe the IPO will serve as a springboard for the group to capture these opportunities by strengthening our financial position and execution capacity, enabling us to pursue larger and more complex projects and undertake multiple projects concurrently,” he said.
As at Sept 21, 2026, the group’s outstanding order book stood at approximately RM313.4 million, providing earnings visibility from its ongoing substation engineering and underground utilities engineering projects.
SKA Capital said it continued to actively participate in tenders and was confident of securing new contracts to replenish its order book and drive growth, supported by its pursuit of larger and more complex power infrastructure projects while broadening its customer base.
The group’s revenue increased from RM44.4 million in the financial year 2023 to RM241.4 million in 2025, while revenue for the five-month financial period ended May 31, 2026, rose by 45.4 per cent to RM119.2 million from RM82 million in the corresponding period a year earlier, it said.
Through its subsidiaries, SKA Capital provides substation engineering services, including engineering, procurement, construction and commissioning, underground utilities engineering services, and trading of electrical devices, electrical equipment and construction materials.
TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO exercise. - Bernama
