KUALA LUMPUR, Generator rental services provider Express Powerr Solutions (M) Bhd (“Express Powerr” or “the Company”) has signed an underwriting agreement with Mercury Securities Sdn Bhd in preparation for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad.
Through its subsidiary, the Group provides generator rental services for critical emergency situations such as power outages, planned maintenance, and events. The Group also offers related equipment such as distribution boards, synchronisation panels, transformers, switchgears, load banks and cables to meet various customer needs.
With a 20-year track record, Express Powerr owns a fleet of 111 generator units, over 70% of which are mobile units mounted on trucks for easy deployment. The rest are canopy generators designed for outdoor use and noise control. All units undergo in-house maintenance every 300 operational hours to ensure high reliability and uptime.
(From left to right) Mr. Kong Choon Keong (邝俊强先生), Financial Controller of Express Powerr Solutions (M) Bhd, Dato’ Mohd Redza Shah Bin Abdul Wahid, Independent Non-Executive Chairman of Express Powerr Solutions (M) Bhd, Mr. Lim Cheng Ten (林青田先生), Managing Director of Express Powerr Solutions (M) Bhd, Mr. Chew Sing Guan (周新元先生), Managing Director of Mercury Securities Sdn Bhd, Mr. Eric Chong Soo Keng (张斯钦先生), Head of Corporate Finance of Mercury Securities Sdn Bhd, Mr. Woon See Soon (温四顺先生), Senior General Manager of Mercury Securities Sdn Bhd, Mr. Jamieson Chew Yen Loong (周元龍先生), Operations Manager of Mercury Securities Sdn Bhd
The Group is also expanding into renewable energy. As a registered solar photovoltaic (PV) investor under Malaysia’s Net Energy Metering (NEM) programme and a recognised PV service provider by SEDA, it installs rooftop solar systems for residential and commercial properties. This aligns with Malaysia’s net-zero target by 2050 and supports the growing demand for sustainable energy.
Express Powerr became an approved vendor for Tenaga Nasional Berhad (TNB) in 2021 and began securing direct contracts in 2022, after years of indirect supply since 2005. It also expanded operations to Sabah in 2023, serving Sabah Electricity Sdn Bhd (SESB), and has a broad customer base across industries including construction, manufacturing, events, and government.
The IPO consists of a public issue of 180 million new shares—representing 19.3% of the enlarged issued share capital—and an offer for sale of 65.4 million existing shares (7.0%). Of the 180 million new shares:
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46.7 million will be offered to the Malaysian public via balloting
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18.7 million will be allocated to directors, employees, and contributors (Pink Form)
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63.2 million will be placed privately to selected investors
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51.4 million will be placed to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI)
All 65.4 million offer-for-sale shares will also be placed with Bumiputera investors approved by MITI.
Under the underwriting agreement, Mercury Securities will underwrite a total of 65.4 million shares allocated to the Malaysian public and Pink Form subscribers.
Express Powerr Managing Director Mr. Lim Cheng Ten said, “This underwriting agreement marks a key milestone in our journey towards listing. The IPO will support our growth plans, especially in expanding into new industries like oil and gas, and widening our reach across Malaysia.”
He added that the oil and gas sector presents strong opportunities for temporary power solutions during exploration and drilling activities. In the first nine months of 2024, 27 projects worth RM4.46 billion were approved in the sector. Meanwhile, utility companies such as TNB are investing heavily in power infrastructure, including its RM21 billion ‘Grid of the Future’ programme—further underlining the demand for reliable generator support.
Express Powerr is expected to be listed on the ACE Market by Q3 2025. Mercury Securities is acting as the Principal Adviser, Sponsor, Sole Underwriter, and Sole Placement Agent for the IPO.
