SKA Capital sets IPO price at 43 sen ahead Nov 11 listing

KUALA LUMPUR: Power infrastructure engineering solutions firm SKA Capital Bhd plans to raise RM72.3 million through its upcoming IPO priced at 43 sen per share. The offering includes a public issuance of 168.08 million new shares and an offer for sale of 72.4 million existing shares to selected investors. The Malaysian public will receive 44.78 million of the new shares, while 8.96 million are set aside for eligible directors, employees, and contributors.

Additional 111.94 million shares will be allocated to Bumiputera investors, and 2.41 million shares to selected investors. Upon listing, SKA Capital is anticipated to have a market capitalisation of RM385.1 million based on its enlarged share capital of 895.5 million shares. The company plans to allocate funds raised for machinery and equipment procurement, performance bond requirements, and working capital, thereby enhancing its capacity to handle multiple projects and compete for larger, higher-value power infrastructure contracts.

Following the listing, SKA Capital managing director Datuk Subas Kumar A/L Ambairam believes the company's financial position and execution capability will be bolstered, enabling it to take on more projects concurrently and pursue larger, more intricate power infrastructure deals across Peninsular Malaysia. TA Securities Holdings Bhd serves as the principal adviser, sponsor, underwriter, and placement agent for the IPO.