KUALA LUMPUR: Generator rental services provider, Express Powerr Solutions (M) Bhd, has garnered positive interest from investors for its initial public offering (IPO), which has been oversubscribed by 13.55 times ahead of its listing on the ACE Market of Bursa Malaysia.
Express Powerr’s IPO entails a public issue of 180.00 million shares at an issue price of RM0.20 per share. This represents 19.26% of the enlarged issued shares, with RM36.00 million expected to be raised.
Meanwhile, there is an offer for sale of 65.41 million shares, representing 7.00% of its enlarged share capital, by way of private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
In respect of the 46.72 shares allocated to the Malaysian public, Express Powerr has received a total of 8,338 applications for 679,946,700 Issue Shares with a value of approximately RM135.99 million, representing an overall oversubscription rate of 13.55 times.
For the Bumiputera portion, 4,097 applications for 255,128,300 shares were received, representing an oversubscription rate of 9.92 times.
For the public portion, 4,241 applications were submitted for 424,818,400 shares, resulting in an oversubscription rate of 17.18 times.
The 18.69 million shares made available for application by the eligible directors, employees, and persons who have contributed to the success of the group have been fully subscribed.
Meanwhile, the private placement of 63.19 million shares for selected investors have been entirely placed out.
In addition, the 51.39 million shares and 65.41 million offer shares to Bumiputera investors approved by the Miti have also been fully subscribed after applying the relevant clawback and reallocation.
Notices of allotment will be posted to all successful applicants by September 22, 2025.
Managing director Lim Cheng Ten said the encouraging response to the IPO shows that investors recognise the importance of what the company do in keeping industries and communities powered without disruption.
“Reliable power is no longer just a convenience; it is mission-critical. Our focus has always been on providing dependable generator solutions, and this listing gives us the platform to take that further,” he said in a statement.
Backed by 20 years of industry experience, Express Powerr have established a strong presence in Malaysia, providing generator rental services as well as the supply of ancillary equipment such as distribution boards, generator synchronisation panels, transformers, switchgears, load banks, and cables.
Its current fleet comprises 115 generator units with capacities ranging from below 250 kilovolt-ampere (kVA) to above 500 kVA.
Over 70% of these are mobile generator units mounted on trucks for easy deployment, making them well-suited for powering various critical infrastructures.
The balance comprises canopy generators, suited for outdoor and noise-sensitive environments.
The group’s customer base spans electric utility companies, mechanical and electrical, manufacturing, construction, and event industries, as well as government agencies.
Since becoming an approved vendor of Tenaga Nasional Bhd (TNB) in 2021, the group has secured service contracts with them, while also providing indirect services to Sabah Electricity Sdn Bhd (SESB).
“The proceeds from the IPO will allow us to strengthen our fleet and enhance our operations, giving us greater capacity and flexibility to serve more customers.
“With these improvements, we are better positioned to capture future opportunities, support critical infrastructure and create long-term value for our shareholders and customers alike,” Lim said.
Express Powerr is scheduled to be listed on the ACE Market of Bursa Malaysia on September 24, 2025.
Upon listing, Express Powerr will have a market capitalisation of RM186.89 million based on the issue price of RM0.20 per share and the enlarged issued share capital of 934.45 million shares.
Mercury Securities is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO exercise.
