Enproserve Group Berhad IPO's Analysis

Enproserve Group Berhad

Enproserve Group Berhad, incorporated in 2018 and headquartered in Selangor, Malaysia, is an engineering services provider specializing in inspection, repair, and maintenance (IRM), facility management (FM), and project works for the downstream oil and gas industry. The Group operates through three main segments: engineering, procurement, construction and commissioning (EPCC); IRM and plant turnaround services; and trading of industrial equipment and materials. Its offerings include mechanical works, scaffolding, blasting, painting, insulation, heat exchanger services, and comprehensive shutdown maintenance. Additionally, Enproserve provides FM services such as non-process building upkeep and general facilities maintenance for industrial plants. Supported by its trading arm for supply of valves, pipes, and electrical components, the Group plays a vital role in ensuring operational reliability and safety across Malaysia’s energy and petrochemical infrastructure.

IPO Details
Market: ACE
Principal Adviser: KAF Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 0.24
PE Ratio: 12.46
    PE (FYE): 12.46
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: No
Closing Date: 08-Jul-2025
Balloting Date: 10-Jul-2025
Listing Date: 18-Jul-2025
Oversubscription rate: 0.43x
Average Analysts FV :
Kenanga (0.30), RHB (0.28), Mplus (0.31), TA (0.31)
iSaham IPO Score :
Market Cap: 252.00 M
Number of Shares: 1,050.00 M
IPO Allocations No. of Shares %
Malaysian Public 52.50 M 5.0%
Eligible Directors and employees 18.316 M 1.74%
Private placement to selected investors and others 244.184 M 23.26%
Total Allocations 315.00 M 30.0%

Offer for Sales of 105.00 M existing shares representing 10.0% enlarged shares.

Public Issue of 210.00 M new shares representing 20.0% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Purchase of new machinery, equipment and vehicles 9,160 18.17
Expansion Purchase of new lorries and mobile crane 9,015 17.89
Expansion Setting up crane depot facility 5,500 10.91
Working capital Working capital 10,045 19.93
Listing expenses Estimated listing expenses 5,030 9.98
Debt Repayment of bank borrowings 11,650 23.12
Total 50,400 100
Analyst Highlights
Date Analyst Highlights
04-Jul-2025
TA
  • Reliable recurring revenue by unit rate contracts.
03-Jul-2025
RHB
  • Enproserve Group aims to raise MYR50m from the IPO to fund strategic growth initiatives.
  • Margin expansion is expected following its mobile crane fleet expansion.
03-Jul-2025
Mplus
  • Expansion into crane rental business through PETRONAS contracts, supported by significant investment in new equipment.
  • Contract pipeline ensures revenue visibility until 2029, with 33 ongoing contracts across various services.
  • Competitive advantage through PETRONAS licensing and regulated market access, serving as a barrier to entry.
30-Jun-2025
Kenanga
  • IPO proceeds will be allocated to fund growth with 53% for capex, which will be earnings accretive in the longer run.
  • Ongoing contract base already doubled, anchoring margin expansions in the last few years with 33 contracts already in hand.
Utilisation of Proceeds
Business Segments
Geographical Segments
Major Customers
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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