Company Name: EI Power Berhad

Date of Prospectus: 2 April 2026

EI Power Berhad IPO: Powering Malaysia’s Data Centre Boom with Mission Critical Solutions

IPO Snapshot: Offer Details and Key Metrics

EI Power Berhad launches its IPO amid Malaysia’s surging demand for mission critical power engineering solutions, particularly for data centres and renewable energy. Investors are looking to this listing for exposure to the country’s fast-growing energy infrastructure sector.

• IPO Symbol: Not disclosed (refer to www.eip.com.my for updates)
• Offer Price / Range: Not disclosed
• Total Offer Size: Not disclosed
• Number of Shares Offered: Not disclosed
• Post-IPO Outstanding Shares: Not disclosed

Use of proceeds: The company is deploying IPO funds for expansion and growth:

• RM18.26 million (29.4%) for new headquarters cum warehouse in Selangor
• RM10.00 million (16.1%) for building energy efficiency systems (capex for new product segment)
• RM1.38 million (2.2%) for establishing an office in Bangkok, Thailand (regional expansion)
• RM2.29 million (3.7%) for opening a branch office cum warehouse in Johor (capacity expansion)
• Remaining proceeds allocated for working capital, recruitment, and operational growth

Expansion and growth-driven story: The use of proceeds aligns with EI Power Berhad’s focus on scaling operations, entering new markets, and diversifying its offerings to capture rising demand in Malaysia and Thailand [[56]].

Placement/Issuance breakdown: Not disclosed.

Dividend policy/commitment: Not disclosed.

Oversubscription metrics: Not disclosed.

Investor Participation and Book Quality

No anchor or institutional investor names, tranche allocations, or subscription levels by category are disclosed. No pre-listing disposals or sales by investors or early shareholders are mentioned.

Book quality assessment: Not possible to assess as tranche details and subscription metrics are not provided.

Deal Parties and IPO Structure

Investment banks/Global coordinators/Bookrunners, Underwriters, Sponsors: Not disclosed.

Stabilization/over-allotment (greenshoe): Not disclosed.

No information on deal parties’ reputations or their roles in supporting listing-day performance is provided.

Business Overview: EI Power Berhad’s Mission Critical Edge

EI Power Berhad is a leading power engineering firm specializing in the EPCC (Engineering, Procurement, Construction, and Commissioning) of mission critical power solutions, conventional power solutions, and renewable energy power solutions. The company’s business model is project-based, focusing on commercial, industrial, and residential built environments. Major revenue streams include:

• Mission critical power solutions: Large-scale, complex power generation and distribution systems for data centres
• Conventional power solutions: Diesel generation and fuel distribution systems for commercial, industrial, and residential buildings
• Renewable energy power solutions: EPCC of rooftop and utility-scale solar PV systems

Customer segments: Main contractors, project owners, and building owners; repeat clients include Sunway Construction, CCIE Engineering, SECM Sdn Bhd, and others [[48]].

Geographies: All revenue from Malaysia (central, southern, northern, east coast, and east Malaysia); expansion into Thailand underway [[43]].

Sector definition: The power engineering industry encompasses EPCC of mission critical, conventional, and renewable power solutions. Mission critical facilities include data centres, semiconductor plants, military facilities, and financial institutions [[66]].

Industry size: Not quantified in the prospectus, but Malaysia’s growth in data centres and industrial investments is highlighted [[71]].

Financial Performance: Multi-Year Growth and Margin Trends

EI Power Berhad demonstrates robust multi-year growth, with a strategic shift towards high-margin mission critical power solutions. The following table summarizes key financial metrics:

Revenue breakdown by segment (FYE 2025):

• Mission critical power solutions: RM66.8 million (86.3%)
• Conventional power solutions: RM5.4 million (6.9%)
• Renewable energy power solutions: RM5.2 million (6.8%)

Geographical revenue breakdown (FYE 2025):

• Southern region: RM39.8 million (51.4%)
• Central region: RM35.6 million (46.0%)
• Northern, East Coast, East Malaysia: Remaining

Market position: EI Power Berhad is recognized for its technical capabilities and track record in delivering complex, large-scale power solutions for mission critical facilities. The shift to mission critical projects has elevated margins and brand credibility [[43]].

Competitive advantages:

• Established track record with 146 completed power solutions projects (RM188.24 million total contract sum)
• Repeat clients and high retention rate
• Grade G7 contractor registration (unlimited contract value eligibility)
• Strong execution and QC processes
• Experienced management team with 24+ years in the industry

Key management:

• Ir. Albert Chang – Executive Director/Chief Executive Officer (24 years industry experience)
• Sharon Mak – Executive Director/Chief Operating Officer (23 years experience)
• Abdul Raof Bin Sharif – Head of Conventional Power Solutions Division (16 years experience)
• Muhammad Aiman Nabil Bin Mahadhir – Head of Renewable Energy Power Solutions Division (6 years experience)

Trends and Market Environment: Sector Timing and Demand Drivers

Sector and regional trends: Malaysia’s rapid data centre and industrial expansion drives demand for reliable, high-capacity backup power. Government policies (National Energy Policy 2022-2040, Corporate Green Power Programme) support solar adoption and energy efficiency. Johor is emerging as a data centre hub, with significant investment in infrastructure [[71]].

Historical demand drivers: Technological revolution (5G, IoT, AI, big data), increased need for advanced semiconductor/electronics manufacturing, and shorter product lifecycles have propelled industry growth [[69]].

Timing of IPO: Prospectus dated 2 April 2026; offer period and listing date not disclosed.

Economic/market environment: Favorable macro trends: rising foreign/domestic investment in power infrastructure, declining steel prices, stable copper prices, government incentives for renewable energy, and strong demand for mission critical solutions.

Recent company developments:

• Expansion into Thailand via EIP Thailand subsidiary (incorporated 25 July 2025)
• RM165.87 million of ongoing projects (as at LPD)
• RM99.89 million unbilled contract value; 60.2% of total
• RM37 million Nilai 2 Project secured in 2026

Conclusion on market conditions: Sector and macro conditions are highly favorable for EI Power Berhad’s IPO, given strong demand and government support for mission critical power engineering and renewable energy solutions [[71]].

Risk Factors: Quantitative and Qualitative Exposures

Key risk factors:

• Customer concentration: Top 5 clients contributed to 84.4% of FYE 2025 revenues; risk mitigated by repeat business and growing client base [[50]].
• Supplier dependence: Top 5 suppliers accounted for 55.4% of purchases/subcontractor costs in FYE 2025; Win Seng Hung Holding Sdn Bhd and Alltank Solutions are major suppliers [[52]].
• Commodity exposure: Purchases of steel-based and copper materials expose EI Power Berhad to price fluctuations; no material impact seen in FYE 2022–2025 [[54]].
• Single product/geography risk: All revenues derived from Malaysia; expansion to Thailand underway [[43]].
• Regulatory risk: Dependent on government policies and incentives for renewable energy and data centre development [[66]].
• Project execution risk: Project delays may trigger LAD claims (up to 10% of contract value) [[36]].
• Performance guarantees: Solar PV system contracts may require performance ratio guarantees; no claims incurred to date [[37]].

Growth Strategy: Expansion, New Products, Regional Entry

Expansion plans:

• New headquarters cum warehouse in Selangor (RM18.26 million, completion within 36 months)
• Branch office cum warehouse in Johor (RM2.29 million, operations in second half of 2026)
• Regional expansion into Thailand (RM1.38 million allocated, co-working space in Bangkok, tenders submitted for RM75.25 million)

New products/segments:

• Building energy efficiency systems: Chiller plant optimization, smart LED lighting, high-efficiency air handling units (RM10 million capex, product launch expected second half of 2026)

Recruitment: Additional staff for energy efficiency segment and Thailand office (RM0.66 million and RM1.08 million allocated, respectively)

Capex pipeline: Major investments in facilities, technology, and new business lines [[56-61]].

Ownership and Lock-Up Structure

Pre-IPO shareholding: Ir. Albert Chang (32%), OCK (52%), Siew Wei Foo (16%) [[2]].

Post-IPO shareholding: Not disclosed.

Lock-in periods, ESOPs: Not disclosed.

Valuation and Peer Comparison

The prospectus provides a peer group financial comparison. Key metrics for EI Power Berhad and selected competitors:

EI Power Berhad’s net margin and revenue growth stand out among local peers.

No other IPOs in the same period or sector performance tables are disclosed.

Research and Analyst Opinions

Analysts/covering institutions: Not disclosed.

Price targets/opinions: Not disclosed.

IPO Allotment Result

Final subscription outcomes and listing day implications are not provided.

Listing Outlook: Is EI Power Berhad’s IPO Worth Subscribing?

Based on the disclosed financials, growth strategy, and sector trends, EI Power Berhad’s IPO appears highly attractive for investors seeking exposure to Malaysia’s mission critical power engineering sector.

Key supporting factors:

• Strong multi-year revenue growth and high net margins
• Strategic expansion into Thailand and new product segments
• Solid client retention and repeat business
• Favorable macro and sector trends
• High-value ongoing projects and robust pipeline

Estimated first-day trading range: Inferred to be above offer price, with strong potential for listing-day strength given sector tailwinds, robust order book, and expansion plans.

Prospectus Access

Obtain the prospectus and further updates at www.eip.com.my

Application channels, dates, and steps are not disclosed.