Kuala lumpur: Utilities engineering services provider Cheeding Holdings Bhd is set to raise RM51.5 million through its initial public offering (IPO) as it prepares for listing on the ACE Market of Bursa Malaysia Securities Bhd scheduled for October 7, 2025.

According to BERNAMA News Agency, the IPO will involve the issuance of 143 million new shares at an issue price of 36 sen per share. The proceeds from the IPO will be allocated as follows: RM2.3 million (4.5%) for repaying bank borrowings, RM3.2 million (6.2%) for acquiring new construction machinery, RM16.2 million (31.4%) for performance bonds on future projects, RM24.6 million (47.8%) for working capital, and RM5.2 million (10.1%) to cover listing expenses.

Cheeding Holdings Bhd is recognized as a Construction Industry Development Board (CIDB) Grade G7 contractor, with accreditations from Tenaga Nasional Bhd, the Ministry of Finance, and the Energy Commission. The company’s Chief Operating Officer, Ng Lam Shein, emphasized their expertise in transmission lines, underground cabling, and substation works, which are critical for ensuring precision, safety, and reliability.

Ng highlighted the company’s reputation for delivering high-quality projects on time and in adherence to client standards, which has secured the trust of power and utility partners throughout the sector. Currently, Cheeding has contracts exceeding RM270 million across Peninsular Malaysia, contributing to the enhancement of the nation’s power infrastructure.

Ng further stated that the future looks promising as Malaysia anticipates a strong increase in electricity demand. The expansion of new data centers, industrial parks, and renewable energy projects necessitates the enhancement of the national grid to ensure a stable, high-capacity power supply and prevent bottlenecks.

The IPO is available for subscription until 5 PM on September 23, 2025, with TA Securities serving as the principal adviser, sponsor, underwriter, and placement agent for the offering.