Symbol: ENPRO (Enproserve Group Berhad)
Enproserve Group Berhad is raising RM50.4 million, through 210 million new shares and 105 million existing shares at RM0.24 each. 47% (RM23.7 million) is allocated to capital expenditure for heavy lifting equipment, enhancing plant maintenance and turnaround service capacity. The rest is earmarked for working capital, bank debt repayment, and listing costs, reflecting a balanced growth and debt-reduction strategy
The public portion was oversubscribed by 0.43× (74.96 million applications vs 52.5 million shares), with Bumiputera at 0.55× and non-Bumiputera at 0.31×. Private placements and director quotas were fully taken up, signaling subdued-to-firm investor interest ahead of listing
Proceeds of RM50.4 million will be used to acquire heavy equipment, repay borrowings, fund working capital, and cover listing-related expenses. Post‑IPO share capital stands at 1.05 billion shares, implying a projected market cap of ~RM252 million (based on managing director’s retained 70% stake valuation) Strong private placement interest and modest public take-up suggest a stable to modest listing-day performance.
KAF Investment Bank Berhad serves as Principal Adviser, Sponsor, Sole Placement Agent, and Sole Underwriter, which provides institutional assurance and credible execution support .
Enproserve provides mechanical and civil engineering services, specializing in plant maintenance, turnaround, EPCC, and facility management, primarily for the oil & gas and petrochemical sectors across Peninsular Malaysia
The company holds 19 active contracts across Johor, Melaka, Terengganu, and Pahang, with agreements extending through 2029, indicating revenue stability from recurring service contracts
Sector tailwinds include steady demand for plant maintenance and turnaround services, driven by ongoing O&G and petrochemical activity in Malaysia. MACRO uncertainty in oil prices could modulate investor sentiment.
IPO subscription ran from 10 June to 8 July 2025, with the listing set for 18 July 2025, aligning with operational readiness and sector momentum
Key risks: oversupply of service providers, fluctuating oil & gas sector dynamics, and single sector exposure.
Enproserve plans to deploy capital to expand service capacity, improve capabilities, and support working capital needs, which align with sector demand and provide growth runway.
Promoter Azman Yusof retains 70% equity post-IPO, indicating strong insider commitment; no pre‑IPO share sales by major shareholders were disclosed
| Symbol |
Market Cap (RM m) |
Active Contracts |
Revenue Allocation |
P/S Est. |
Listing Price (RM) |
Public OS |
Peer Comparison |
| ENPRO |
~252 |
19 valid until 2029 |
47% capex on equipment |
– |
0.24 |
0.43× |
– |
| 7138.KL |
~1,200 |
EPCC & services |
– |
– |
– |
– |
O&G service peer |
| 5199.KL |
~1,500 |
O&G services |
– |
– |
– |
– |
– |
| 7090.KL |
~2,800 |
O&G services |
– |
– |
– |
– |
– |
Peer Symbols: 7138.KL (Petra Energy), 5199.KL (Uzma Berhad), 7090.KL (Serba Dinamik)
Other recent ACE Market IPOs (e.g., iCents, A1 Kapal) saw +20–30% debut gains; Enproserve’s 0.43× oversubscription is comparatively subdued, implying a muted listing debut
KAF IB analyses value the company at RM0.31/share, based on a 13× FY26 P/E, suggesting ~29% upside from IPO priceubscription across private and director tranches confirmed, while public small shortfall was observed .
Enproserve appears to represent a stable, mid-sized O&G support IPO, with moderate investor interest and supportive sector fundamentals. Expected debut trading range is RM0.22–0.26, slightly below or near IPO price, reflecting measured market response.
Enproserve Group (ENPRO) to list on ACE Market with RM50m IPO, focused on O&G maintenance capacity with 70% promoter hold and 29% upside to fair value.
Thank you
