SKA Capital ACE Market IPO at 43 Sen Raises RM103.4mil

Quick Answer: SKA Capital Bhd has priced its ACE Market IPO at 43 sen per share, raising RM103.4 million in total. Of that, RM72.3 million goes to the company, which will use it for working capital, performance bonds and machinery. Applications close at 5pm on Oct 27 and listing is scheduled for Nov 11.

The SKA Capital ACE Market IPO puts an electrical engineering firm on Bursa Malaysia’s growth board. Here are the offer price, use of proceeds, listing timeline and financials that matter to prospective shareholders.

What Does SKA Capital Do?

SKA Capital aims to raise over RM100 mil from ACE Market IPO — SKA Capital’s ACE Market IPO prospectus details its power infrastructure engineering business.

SKA Capital mainly provides substation engineering services and underground utilities engineering services. It also trades electrical devices, electrical equipment and construction materials for power infrastructure engineering.

Managing director Datuk Subas Kumar Ambairam says the listing will be “a springboard for the group to capture these opportunities” in Malaysia’s electricity infrastructure investment.

SKA Capital ACE Market IPO at 43 Sen Raises RM103.4mil — Photo: TheEdge

What Is the SKA Capital IPO Price and Size?

Market: ACE Market, Bursa Malaysia
Offer price: 43 sen per share
Total IPO size: RM103.4 million
New funds to company: RM72.3 million
Offer for sale: Datuk Subas Kumar Ambairam will receive RM31.13 million from his existing stake

TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.

Where Will SKA Capital’s RM72.3 Million Go?

Working capital takes the largest share at RM32.72 million. Performance bonds at RM21 million are the second-largest use, and the company says they will secure future projects.

RM32.72 million: working capital
RM21 million: performance bonds to secure future projects
RM12.05 million: machinery and equipment purchases
RM6.5 million: listing expenses

When Can You Apply and When Does SKA Capital List?

Applications for the SKA Capital IPO close at 5pm on Oct 27. The source does not give an opening date, so check the prospectus for the exact subscription window.

Listing is scheduled for Nov 11 on the ACE Market.

How Profitable Is SKA Capital Ahead of Listing?

In 2025, SKA Capital made a net profit of RM30.8 million on revenue of RM241.36. That works out to a net margin of about 12.8%.

The source gives no prior-year figures, so the year-on-year growth rate cannot be measured from this article.

Is SKA Capital’s 13 Times Earnings Valuation Reasonable?

At listing, SKA Capital will have a market capitalisation of RM385 million, valued at 13 times trailing earnings. Using 2025 net profit of RM30.8 million, the market cap works out to about 12.5 times, so the 13 times figure likely uses a different earnings base.

The source does not provide peer valuation multiples, so the RM385 million valuation cannot be ranked against other Bursa-listed engineering firms.

What Are the Key Risks in SKA Capital’s IPO?

The source does not list formal risk factors, so the points below come from the company’s stated plans. Read the full prospectus before forming a view.

Execution: Subas says the IPO will let the group pursue larger projects and run multiple projects at once.
Bonding requirements: RM21 million is earmarked for performance bonds, which signals that future contracts need bonding capacity.
Dependence on sector spending: The growth case rests on continued investment in Malaysia’s electricity infrastructure.

How Do You Apply for the SKA Capital IPO via M+ Global?

Apply through the M+ Global app using Invitation Code UBZQ. Do not use the M+ Online app, which has stopped working.

Online IPO applications require a direct CDS account in your own name.
Submit only one application per IPO. Multiple applications are an offence under the Capital Markets and Services Act 2007.
If the IPO is oversubscribed, retail portions are balloted.
For help, WhatsApp +60169059789.

Read more in our IPO Investing with M+ Global guide and Trading Account Types in Malaysia.

This article is for information only and is not investment advice. Do your own research and read the SKA Capital prospectus before deciding whether to apply.

Key Takeaways

SKA Capital prices its ACE Market IPO at 43 sen per share, raising RM103.4 million.
RM72.3 million goes to the company, with RM32.72 million earmarked for working capital.
Applications close at 5pm on Oct 27 and listing is scheduled for Nov 11.
The company made RM30.8 million net profit in 2025 on revenue of RM241.36.
The RM385 million market cap values SKA Capital at 13 times trailing earnings.

Frequently Asked Questions

What is the SKA Capital IPO price?

The SKA Capital IPO is priced at 43 sen per share on the ACE Market. The total IPO raises RM103.4 million, with RM72.3 million going to the company.

When does the SKA Capital IPO close and list?

Applications close at 5pm on Oct 27. Listing is scheduled for Nov 11.

How much profit did SKA Capital make in 2025?

SKA Capital made a net profit of RM30.8 million in 2025 on revenue of RM241.36. The source does not give a prior-year comparison.

How do I apply for the SKA Capital IPO?

Apply through the M+ Global app using Invitation Code UBZQ, with a direct CDS account in your own name. You can submit only one application per IPO, and WhatsApp +60169059789 is available for help.

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