KUALA LUMPUR: Pioneer Heat Holdings Bhd, a mechanical engineering services provider with core expertise in piping system engineering and related specialised services, yesterday launched its prospectus in conjunction with its upcoming Initial Public Offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.
The IPO comprises a public issue of 86.7 million new ordinary shares and an offer for sale of 17.35 million existing ordinary shares. Based on the IPO price of RM0.25 per share, the public issue is expected to raise gross proceeds of RM21.68 million for the group.
Proceeds from the public issue will be utilised as follows: RM4 million for the setting up of the new Sendayan HQ and RM2.07 million for the new Sarawak Office; RM4.01 million for the purchase of machinery and equipment; RM7.9 million for working capital; and RM3.7 million for estimated listing expenses.
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 and ongoing plant operations which include 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 said it has built approximately 29 years of experience in serving customers mainly across the oil and gas, petrochemical, utility and manufacturing industries. Its capabilities are supported by technical know-how in piping systems, fabrication works, heat treatment services, flange management and NDT services, enabling the group to support customers across both new project development and recurring plant maintenance requirements.
The group added it 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 expand the group’s market presence in East Malaysia. The larger space is expected to support fabrication activities for pipe spools and pipe structures, provide additional storage for materials, machinery, equipment, tools and consumables, and improve the group’s ability to undertake larger mechanical engineering projects in the region.
Pioneer Heat CEO/executive director Wong Wei Ken commented, “The launch of our prospectus marks a significant milestone in Pioneer Heat’s corporate journey as we move closer towards our listing on the ACE Market. Over the years, we have built a solid operating track record in mechanical engineering services, with capabilities that support the full lifecycle of industrial plants, from new plant construction to maintenance, scheduled turnarounds, modifications and refurbishment works.”
He added, “Through this IPO, we aim to strengthen our operational capacity, expand our regional presence and enhance our service capabilities. The new Sendayan HQ will allow us to establish a stronger base to serve customers in the Central region, while the new Sarawak office will support our growth in East Malaysia. Together with additional machinery and equipment, we believe these initiatives will place Pioneer Heat in a stronger position to capture opportunities in Malaysia’s mechanical and civil engineering industries.”
Malacca Securities Sdn Bhd managing director Lim Chia Wei said, “Pioneer Heat has established itself as a specialised mechanical engineering services provider with experience across piping system engineering, heat treatment, flange management and NDT services.
The group’s listing exercise will support its expansion plans, strengthen its operational foundation and enhance its ability to serve customers across key industrial sectors. We are pleased to support Pioneer Heat in this important step towards its ACE Market listing.”
The application for Pioneer Heat’s IPO which opened yesterday will close on Sept 3, 2026. Pioneer Heat is scheduled to be listed on the ACE Market of Bursa Securities on Sept 17, 2026.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for this IPO.
