Pioneer Heat Holdings Bhd (Pioneer Heat), a mechanical engineering services provider, is targeting to raise approximately RM21.68 million through an initial public offering (IPO) ahead of its listing on the ACE Market of Bursa Malaysia Securities Bhd on Sept 17, 2026.
The IPO comprises a public issue of 86.70 million new ordinary shares and an offer for sale of 17.35 million existing ordinary shares, priced at 25 sen per share.
Following its listing, Pioneer Heat is expected to command a market capitalisation of approximately RM86.73 million.
Of the IPO proceeds, RM4 million will be used to set up a new headquarters in Sendayan, Negeri Sembilan, while RM2.07 million has been earmarked for a new office in Sarawak. A further RM4.01 million will go towards purchasing machinery and equipment, RM7.90 million will be allocated as working capital, and RM3.70 million will be used to cover estimated listing expenses.
From left: Wong Wei Lieh, executive director of Pioneer Heat, Wong Wan Chin, independent non-executive chairperson, Wong Wei Ken, CEO and executive director, Lim Chia Wei, managing director of Malacca Securities, Law Kim Fatt, co-head of corporate finance, and Tan Sin Jiang, vice-president.
Pioneer Heat chief executive officer and executive director Wong Wei Ken said the new Sendayan headquarters will serve as the group’s operational base to cater to customers in the Central region. The facility will house administrative offices, warehouses and workshops, while the Sarawak office will support pipe spool and pipe structure fabrication activities and provide additional storage capacity.
“The group recently obtained a Petroleum Sarawak Bhd (Petros) registered vendor licence, which is seen as opening up a huge opportunity to participate in the oil and gas market in this region,” he said at a media briefing following the launch of the group’s prospectus today.
Pioneer Heat’s IPO application opens today and will close on Sept 3, 2026, ahead of its shares being scheduled for listing on the ACE Market of Bursa Securities on Sept 17, 2026.
Malacca Securities Sdn Bhd acted as the lead advisor, sponsor, underwriter and placement agent for the IPO.
Pioneer Heat has been in operation since 1997, providing mechanical engineering services with expertise in piping systems, heat treatment, flange management and non-destructive testing (NDT). The group’s services span the entire life cycle of industrial plants, including new plant construction, maintenance, scheduled plant restoration, renovation and upgrade projects.
