Express Powerr Solutions (M) Berhad IPO's Analysis

Express Powerr Solutions (M) Berhad

Express Powerr Solutions (M) Berhad, through its subsidiary Express Mission Sdn Bhd, is principally involved in the provision of generator rental services and other related services in Malaysia. The company's offerings include the supply of ancillary items such as distribution boards, generator synchronisation panels, transformers, switchgears, load banks, and cables to meet diverse customer requirements. The generator rental services are categorized into emergency, planned maintenance, and standby services. Its clientele primarily consists of electric utility companies like TNB and SESB (indirectly), as well as non-electric utility customers such as M&E companies, manufacturing companies, construction companies, event organisers, and government agencies. As part of its business strategy, the group has recently expanded into offering solar PV solutions, a segment that is currently in its early stages of development. The company operates several yards across Peninsular Malaysia to support its operations.

IPO Details
Market: ACE
Principal Adviser: Mercury Securities Sdn Bhd
Shariah Status: SC (Yes)
Listing Price: 0.2
PE Ratio: 11.0-16.1
    PE (FYE): 11.26
    PE (FPE Annualised): 16.05
    PE (Hybrid): 10.98
MITI allocation?: Yes
Closing Date: 08-Sep-2025
Balloting Date: 10-Sep-2025
Listing Date: 24-Sep-2025
Oversubscription rate: 13.55x
Average Analysts FV :
Mplus (0.31), Public Investment (0.23), TA (0.26), RHB (0.26)
iSaham IPO Score :
Market Cap: 186.89 M
Number of Shares: 934.45 M
IPO Allocations No. of Shares %
Malaysian Public 46.72 M 5.0%
Bumiputera shareholders approved by MITI 116.81 M 12.5%
Eligible Directors and employees 18.689 M 2.0%
Private placement to selected investors and others 63.194 M 6.76%
Total Allocations 245.41 M 26.26%

Offer for Sales of 65.41 M existing shares representing 7.0% enlarged shares.

Public Issue of 180.00 M new shares representing 19.26% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Purchase of generators 20,500 56.94
Expansion Purchase of medium and high voltage equipment 4,058 11.27
Working capital General working capital 2,242 6.23
Listing expenses Estimated listing expenses 4,200 11.67
Debt Repayment of bank borrowings 5,000 13.89
Total 36,000 100
Utilisation of Proceeds
Business Segments
Geographical Segments
Major Customers
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
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