Enproserve launches IPO at 24 sen a share to raise RM50.4mil
The company's IPO, which opened for applications today and closes on July 8, involves the issuance of 315 million shares, representing 30 per cent of its enlarged share capital of 1.05 billion shares.
Of the RM50.4 million proceeds raised from the new share issuance, Enproserve plans to allocate RM33.7 million or 66.9 per cent for capital and operational expenditure, including the purchase of heavy-lifting equipment, facility upgrades and expansion of its plant maintenance and turnaround services.
Group managing director Azman Yusof said the listing marks a pivotal step in the group's next growth phase, especially as it prepares to meet surging demand under long-term contracts with industry giants like Petronas and PRefChem.
"We are gearing up for Malaysia's largest-ever plant turnaround exercise at a petrochemical facility in Johor. This IPO allows us to invest in equipment and improve internal capabilities to support large-scale projects," he said in a statement.
Azman added that the group is also constructing a new crane depot and expanding its asset rental operations to create a steady secondary revenue stream and improve operational efficiency.
Enproserve recorded its best-ever financial performance in FY2024, with revenue rising 21 per cent year-on-year to RM198.4 million and net profit surging 71 per cent to RM21.1 million.
Of the 210 million new shares, 139.18 million will be placed out to selected investors, 52.5 million will be offered to the Malaysian public via balloting, and 18.32 million reserved for eligible directors, staff and contributors.
The 105 million offer-for-sale shares will be allocated via private placement.
KAF Investment Bank is the principal adviser, sponsor, sole placement agent, and underwriter for the IPO. Enproserve is scheduled to list on the ACE Market of Bursa Malaysia on July 18.
Founded in 2001, Enproserve is a long-standing engineering service provider to Petronas and PRefChem, with operations spanning Johor, Melaka, Terengganu, and Putrajaya.
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