KUALA LUMPUR, MY / ACCESS Newswire / September 8, 2026 / Pioneer Heat Holdings Berhad ("Pioneer Heat" or the "Group"), a mechanical engineering services provider with core expertise in piping system engineering and related specialised services, is pleased to announce that the public portion of its Initial Public Offering ("IPO") has been oversubscribed by 47.80 times, reflecting encouraging investor interest ahead of the Group's listing on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities").
To recap, Pioneer Heat's IPO comprises a public issue of 86.700 million new ordinary shares and an offer for sale of 17.345 million existing ordinary shares.
The allocation of the IPO shares is structured as follows:
Malaysian Public:
17.345 million new shares, representing approximately 5.0% of the Group's enlarged issued share capital, will be made available for application by the Malaysian public.
Eligible Persons:
10.407 million new shares, representing approximately 3.0% of the Group's enlarged issued share capital, will be allocated to eligible directors and employees, as well as persons who have contributed to the success of Pioneer Heat and its subsidiaries.
Private Placement to Selected Investors:
58.948 million new shares, representing approximately 17.0% of the Group's enlarged issued share capital, will be made available by way of private placement to selected investors.
Offer for Sale:
17.345 million existing shares, representing approximately 5.0% of the Group's enlarged issued share capital, will be offered by way of private placement to selected investors.
The Group received a total of 9,512 applications for 846,472,700 Issue Shares from the Malaysian public, representing an overall oversubscription rate of 47.80 times. Of this, 5,142 applications for 506,077,700 Issue Shares were received under the Bumiputera public portion, representing an oversubscription rate of 57.35 times, while 4,370 applications for 340,395,000 Issue Shares were received under the other Malaysian public portion, representing an oversubscription rate of 38.25 times.
The 10.407 million Issue Shares made available for application by eligible directors and employees, as well as persons who have contributed to the success of the Group, have been fully subscribed. Meanwhile, the 76.293 million IPO Shares made available by way of private placement to selected investors, comprising 58.948 million Issue Shares and 17.345 million Offer Shares, have been fully placed out.
Mr. Wong Wei Ken, Chief Executive Officer and Executive Director of Pioneer Heat Holdings Berhad
Mr. Wong Wei Ken, Chief Executive Officer and Executive Director of Pioneer Heat Holdings Berhad, said, "We are encouraged by the positive response from investors to our IPO. This support reflects confidence in Pioneer Heat's specialised capabilities, operating track record and growth plans as we move closer towards our listing on the ACE Market. Over the years, we have built our expertise in mechanical engineering services, supporting the full lifecycle of industrial plants from new plant construction to maintenance, scheduled turnarounds, modifications and refurbishment works."
He added, "With the proceeds raised from the IPO, we intend to strengthen our operational capacity through the New Sendayan HQ and New Sarawak Office, while investing in additional machinery and equipment to enhance our service capabilities. These initiatives are expected to support our ability to serve customers across key industrial sectors and capture opportunities in Malaysia's mechanical and civil engineering industries."
Ms. Lim Chia Wei, Managing Director of Malacca Securities Sdn. Bhd., added, "The oversubscription of Pioneer Heat's IPO reflects investor confidence in the Group's business model, technical capabilities and future growth prospects. Pioneer Heat has developed a niche position in mechanical engineering services, supported by its experience in piping system engineering, heat treatment, flange management and NDT services. With its expansion plans and established track record, the Group is well-positioned to pursue its next phase of growth as a listed company."
Pioneer Heat Holdings Berhad is scheduled to be listed on the ACE Market of Bursa Securities on 17 September 2026.
Malacca Securities Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter and Placement Agent for this IPO.
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ABOUT PIONEER HEAT HOLDINGS BERHAD
Pioneer Heat Holdings Berhad ("Pioneer Heat" or the "Group") is a Malaysia-based mechanical engineering services provider principally involved in piping system engineering and related specialised services, including heat treatment, flange management and non-destructive testing ("NDT") services. With operating roots dating back to 1997, the Group has built approximately 29 years of experience in supporting the full lifecycle of industrial plants, covering new plant construction, maintenance, scheduled turnarounds, modifications and refurbishment works. Pioneer Heat serves customers across key industrial sectors including oil and gas, petrochemical, utility and manufacturing, while also undertaking civil engineering projects for the construction of industrial and ancillary facilities. Moving forward, the Group aims to strengthen its operational capacity through the establishment of its New Sendayan HQ and New Sarawak Office, enhance its technical capabilities through additional machinery and equipment, and expand its market presence to support continued growth in Malaysia's mechanical and civil engineering industries.
For more information, visit https://pioneerheatholdings.com/.
Issued By: Swan Consultancy Sdn. Bhd. on behalf of Pioneer Heat Holdings Berhad
For more information, please contact:
Jazzmin Wan
Email: j.wan@swanconsultancy.biz
Qian Yu Chow
Email: s.chow@swanconsultancy.biz
SOURCE: Pioneer Heat Holdings Berhad
View the original press release on ACCESS Newswire
COMTEX_492243877/2457/2026-09-08T03:15:03