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, today marked its successful debut on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
The Group’s shares opened at RM0.255 per share on its first day of trading as a listed company. As at 10am, the price stood at RM0.325 per share, compared with its IPO price of RM0.25 per share, representing a premium of 30%.
Pioneer Heat is listed under the stock name “PIONEER” and stock code “0471”.
Pioneer Heat is principally involved in the provision of mechanical engineering services, covering piping system engineering and related specialised services such as heat treatment, flange management and non-destructive testing (“NDT”) services.
The Group’s services support the full lifecycle of industrial plants, including new plant construction, ongoing plant operations, maintenance, scheduled plant turnarounds, plant modifications and refurbishment projects. Pioneer Heat also undertakes civil engineering projects for the construction of industrial and ancillary facilities.
With operating roots dating back to 1997, the Group has built approximately 29 years of experience in serving customers mainly across the oil and gas, petrochemical, utility and manufacturing industries. Its technical capabilities in piping systems, fabrication works, heat treatment services, flange management and NDT services enable Pioneer Heat to support customers across both new project development and plant lifecycle requirements.
Through the IPO, Pioneer Heat raised RM21.68 million in gross proceeds from the issuance of 86.70 million new shares. Proceeds from the public issue will be utilised as follows:
- RM4.00 millionfor the setting up of the New Sendayan HQ;
- RM2.07 millionfor the setting up of the New Sarawak Office;
- RM4.01 millionfor the purchase of machinery and equipment;
- RM7.90 millionfor working capital; and
- RM3.70 millionfor estimated listing expenses.
The Group intends to utilise the IPO proceeds to strengthen its operating platform and support its next phase of growth. The proposed New Sendayan HQ is expected to comprise an administrative office, warehouse and workshop to service customers in the Central region, with planned capabilities including fabrication works for pipe spools and pipe structures, hydrotesting works, heat treatment services and valve servicing.
Meanwhile, the proposed New Sarawak Office is intended to enhance the Group’s presence in East Malaysia by providing larger space for fabrication activities, storage of materials, machinery, equipment, tools and consumables, as well as supporting its ability to undertake larger mechanical engineering projects in the region.
Mr. Wong Wei Ken, Chief Executive Officer and Executive Director of Pioneer Heat Holdings Berhad, said,
“Today’s listing marks a significant milestone in Pioneer Heat’s corporate journey. Over the years, we have built our capabilities around specialised mechanical engineering services that support the full lifecycle of industrial plants, from new plant construction to maintenance, scheduled turnarounds, modifications and refurbishment works.
Our successful debut on the ACE Market of Bursa Securities provides us with a stronger platform to pursue our next phase of growth as a listed company.”
Ms. Lim Chia Wei, Managing Director of Malacca Securities Sdn. Bhd., said,
“Pioneer Heat’s successful listing on the ACE Market of Bursa Securities reflects the Group’s established operating track record, specialised technical capabilities and growth potential within Malaysia’s mechanical and civil engineering industries.
With its experience in piping system engineering, heat treatment, flange management and NDT services, Pioneer Heat is well-positioned to strengthen its market presence and pursue opportunities across key industrial sectors. We are pleased to have supported the Group throughout its listing journey.”
Malacca Securities Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter and Placement Agent for this IPO.
