EI Power's RM62M IPO oversubscribed 30.8 times ahead of Bursa Malaysia debut
What's the deal? Malaysian power engineering firm EI PowerDealroom has a profile for this one. Try Dealroom → Bhd's initial public offering has been oversubscribed 30.8 times ahead of its May 21 listing on Bursa MalaysiaDealroom has a profile for this one. Try Dealroom →'s ACE Market. The company received 21,490 applications for 1.11 billion shares — worth roughly RM533.7 million — against just 35 million shares allocated to the public.
The IPO involves 129.5 million new shares priced at 48 sen each, raising RM62.2 million. An additional 70 million existing shares are being offered via private placement.
Upon listing, EI Power will have a market capitalisation of RM336 million based on an enlarged share base of 700 million shares. In 2025, it posted net profit of RM19.35 million on revenue of RM77.4 million.
Why now? EI Power is riding a wave of data centre investment across Southeast Asia. Chief executive officer Albert Chang Wan Siong pointed to rising demand for digital services and continued data centre development in Johor, driven by the Johor-Singapore Special Economic Zone and the Johor Digital Plan.
The company is also expanding into Thailand, where the Board of Investment has approved 36 data centre projects with investments exceeding 728 billion Thai baht (RM93.7 billion). Since 2022, EI Power has delivered 146 projects across data centres, industrial, and commercial properties in Malaysia, and its unbilled order book stood at RM99.9 million as at March 2026 — providing earnings visibility through 2027.
What could go wrong? EI Power's business is concentrated in a cyclical, project-based sector. Its revenue depends on the pace of data centre construction, which could slow if demand projections prove overheated or if macroeconomic conditions deteriorate. The Thailand expansion, while promising, introduces execution risk in a new market.
The public portion saw an oversubscription rate of 45.8 times, while the Bumiputera portion was oversubscribed 15.8 times — a gap that suggests intense retail demand that may not be sustained post-listing.
The signal: EI Power's 30.8x oversubscription underscores how hungry Malaysian retail investors are for exposure to the data centre supply chain — even at the infrastructure plumbing layer. Dealroom classifies both EI Power and its backer OCK GroupDealroom has a profile for this one. Try Dealroom → as "breakout" stage companies, suggesting the market sees meaningful upside in firms that keep Southeast Asia's mission-critical facilities running as hyperscaler capital continues to pour into the region.
Read more: theedgemalaysia.com
