United Asiapac Energy Bhd is seeking to raise RM48.73 million from its IPO to expand its well intervention capabilities ahead of its ACE Market listing on Aug 19, 2026.
The upstream oil and gas services provider will issue 139.22 million new shares at 35 sen each. Based on an enlarged share capital of 550 million shares, the company is expected to command a market capitalisation of about RM192.5 million upon listing.
Nearly half, or 47.74%, of the IPO proceeds will finance the purchase of well intervention tools and equipment as United Asiapac Energy strengthens its capacity to undertake more specialised projects.
Another 11.29% will be used to acquire a new corporate office, while 10.83% has been allocated for workforce expansion.
The company will direct 5.83% towards repaying bank borrowings and 4.93% towards recruiting engineers to support the introduction of new well intervention solutions. The remaining proceeds will fund working capital and listing expenses.
Managing Director Ahmad Fadzuli Ali said the IPO would support the company’s next growth phase while strengthening its position as a Malaysian provider of specialised well intervention services.
Its offerings include fishing, plug and abandonment, sidetracking and related solutions covering the full lifecycle of hydrocarbon wells.
Ahmad Fadzuli said United Asiapac Energy’s owned equipment and operational bases in Kemaman and Labuan enabled it to mobilise personnel and tools quickly across Peninsular and East Malaysia without the cross-border logistics risks faced by foreign-based competitors.
The company has completed more than 200 projects since 2021 for national and international oil and gas players.
For the nine-month financial period ended 2026, United Asiapac Energy recorded gross profit of RM21.9 million, more than 50% above its RM14.5 million gross profit for the full 2025 financial year.
Ahmad Fadzuli said demand remained resilient as services such as well maintenance and plug and abandonment were driven by integrity and regulatory requirements rather than oil prices alone.
“As hydrocarbon wells continue to mature, operators are placing greater emphasis on preserving well integrity, extending production life and undertaking safe, efficient and environmentally responsible plug and abandonment activities,” he said.
Applications for the IPO close at 5pm on Aug 5, 2026. TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent.
