West River Berhad IPO's Analysis

West River Berhad

West River Berhad, incorporated in 2023 and headquartered in Malaysia, is a leading provider of mechanical and electrical (M&E) engineering services. The company specializes in electrical engineering, air-conditioning and mechanical ventilation (ACMV), and intelligent building solutions, catering to projects in private sectors, including high-rise residential, commercial, and industrial properties. With expertise spanning the design, supply, installation, and commissioning of M&E systems, West River also manufactures electrical panels and distribution boards to support its projects and third-party sales. Leveraging a robust portfolio, state-of-the-art solutions like the Neutron IoT system, and an experienced management team, West River is committed to innovation, sustainability, and delivering value to its clients, positioning itself as a key player in Malaysia's M&E engineering landscape.

IPO Details
Market: ACE
Principal Adviser: M&A Securities Sdn Bhd
Shariah Status: SC (Yes)
Listing Price: 0.39
PE Ratio: 12.19
    PE (FYE): 12.19
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
Closing Date: 17-Apr-2025
Balloting Date: 22-Apr-2025
Listing Date: 05-May-2025
Oversubscription rate: 0.26x
Average Analysts FV :
Mplus (0.56), TA (0.45)
iSaham IPO Score :
Market Cap: 139.50 M
Number of Shares: 357.70 M
IPO Allocations No. of Shares %
Malaysian Public 17.89 M 5.0%
Bumiputera shareholders approved by MITI 44.71 M 12.5%
Eligible Directors and employees 8.943 M 2.5%
Private placement to selected investors and others 35.77 M 10.0%
Total Allocations 107.31 M 30.0%

Offer for Sales of 35.77 M existing shares representing 10.0% enlarged shares.

Public Issue of 71.54 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 land and construction of newmanufacturing factory cum warehouse 10,000 35.84
Working capital General working capital 7,801 27.96
Listing expenses Listing expenses 4,500 16.13
Debt Repayment of borrowings 5,600 20.07
Total 27,901 100
Utilisation of Proceeds
Business Segments
Major Customers
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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