Pioneer Heat Targets RM21.68 Million From ACE Market IPO to Fund Expansion

KUALA LUMPUR, AUGUST 2026 — Pioneer Heat Holdings Bhd has launched its prospectus for an upcoming listing on the ACE Market of Bursa Malaysia, as the company looks to strengthen its operating capacity and expand its presence across the country.

The IPO comprises a public issue of 86.70 million new ordinary shares and an offer for sale of 17.35 million existing shares. At an issue price of RM0.25 per share, the public issue is expected to raise about RM21.68 million.

Of the proceeds, RM4 million will be used to establish a new headquarters in Sendayan, Negeri Sembilan, while RM2.07 million will go towards setting up a new office in Sarawak.

Another RM4.01 million has been allocated for machinery and equipment, while RM7.90 million will support working capital. The remaining RM3.70 million will be used for estimated listing expenses.

The planned Sendayan headquarters will include administrative offices, a warehouse and a workshop serving customers in the Central region. The facility is expected to support activities including pipe spool and structure fabrication, hydrotesting, heat treatment and valve servicing.

Chief executive officer and executive director Wong Wei Ken said the IPO would help Pioneer Heat strengthen its operational capacity, expand its regional footprint and improve its service capabilities, particularly for larger and more complex projects.

Applications for the IPO opened on August 12, 2026, and will close on September 3, 2026. Pioneer Heat is scheduled to debut on the ACE Market on September 17, 2026.

Malacca Securities is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO.