Sum Technology Bhd aims to raise RM32.76 million through its ACE Market IPO as it prepares for its expansion into high-growth cleanroom and advanced infrastructure segments.
The company’s IPO exercise entails the issuance of 117 million new ordinary shares at an issue price of 28 sen per share, representing 26% of the company’s enlarged share capital of 450 million shares and implying a market capitalisation of RM126 million upon listing on June 18.
The public issue is structured into four components: 22.5 million shares for Malaysian public subscription, 4.5 million shares for eligible employees, 33.75 million shares via private placement to selected investors and 56.25 million shares allocated through a Bumiputera placement approved by the Investment, Trade and Industry Ministry (MITI).
Chief Executive Officer Lee Thiam Hing said the proceeds from the IPO will be channelled primarily into business expansion initiatives, including strengthening its engineering capabilities and scaling project delivery capacity to capture growing demand from high-tech industries.
“A portion of the funds will be allocated to establish an overseas office in the Philippines, supporting regional expansion, while additional proceeds will be used for design and development activities to enhance its integrated turnkey solutions offering.
“The balance will be deployed as working capital to support ongoing operations and larger project execution as the group expands its footprint in cleanroom and Mechanical, Electrical, Process Utilities and Fire Fighting systems,” Lee shared, while emphasising that the IPO proceeds will enable the company to scale its capabilities and strengthen its pipeline amid rising demand for digital infrastructure and advanced manufacturing facilities.
He highlighted that the company’s integrated model, including in-house MVAC manufacturing via Micronaire Global Sdn Bhd, provides competitive advantages in cost control, quality assurance and delivery efficiency.
With Malaysia emerging as a regional data centre hub supported by foreign investment inflows and policies such as the New Industrial Master Plan 2030, Lee said Sum Technology is well positioned to capture long-term growth opportunities in high-tech infrastructure development.
Malacca Securities Sdn Bhd is acting as principal advisor, sponsor, underwriter and placement agent for the IPO exercise.
