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Data-centre IPO

MyDCD's IPO Prices a RM1 Billion Data-Centre Contractor at 56 Sen, With One Client Behind 85% of Revenue

RaymondRates.my4 min read

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CHBCritical Holdings Berhad

MyDCD Berhad prices its ACE Market IPO at 56 sen a share, valuing the data-centre engineering firm near RM1 billion. Applications closed 2 November; balloting follows before the 17 November listing. One customer supplied 85% of its revenue last year — the number every applicant should read before the rest. Live page: MyDCD IPO on the IPO calendar.

56 sen
IPO price
480m shares offered
RM1.00bn
Market cap at listing
~15x trailing earnings
RM1.32bn
Order book
as at 30 Sep, to FY2032

What Does MyDCD Actually Build?

An electrical worker in a hard hat and gloves installing wiring and switchgear
MyDCD installs and maintains the mechanical, electrical, plumbing and fire-protection (MEPF) systems that keep a data centre running. · Photo: Unsplash
  • MyDCD integrates MEPF systems (mechanical, electrical, plumbing and fire protection) for data centres, after 15 years in the trade.
  • Clients include Bursa Malaysia, Petronas and Nakano Construction, on enterprise and colocation sites of 10MW to 20MW.
  • Almost all its revenue is in the Klang Valley — MyDCD plans to expand elsewhere in Malaysia after listing.
“Over the last 15 years, we have always been in data centre, growing year-on-year.”
— Chris Ow Yong, Chief Executive Officer, MyDCD Berhad, at the IPO prospectus launch, reported by Bernama via The Star, 26 October 2026

How Big Is the IPO, and Where Is the Money Going?

Where the RM187.6m public-issue goesRM187.6mpublic issue71.43%Working capital, project execution & bondsRM134.0m21.27%Business expansion (hiring, office, training)RM39.9m4.64%Listing expensesRM8.7m2.66%IT system upgradesRM5.0mSource: Bernama via The Star, 26 Oct 2026, quoting the prospectus.
71% of the public-issue proceeds pay for project execution and performance bonds, not growth.
TermFigure
IPO price56 sen
Public issue (new shares)335 million
Offer for sale (existing shares)145 million
Total offer480 million (26.76% of enlarged capital)
Enlarged share capital1.794 billion shares
Total proceeds (public issue + offer for sale)RM268.8 million
Underwriter / adviserTA Securities Holdings Bhd
  • RM134 million, 71% of the raise, funds working capital — mostly project execution and performance bonds.
  • 335 million new shares plus a 145 million-share sale make up the RM268.8 million exercise.
  • Only RM5 million goes to IT systems — the smallest slice, behind expansion and listing costs.

Is MyDCD's Growth Actually Healthy?

Net profit, FY2023–FY2026 (RM million)Profit after tax margin shown under each bar — narrowing even as profit grows16.8FY2023n/a20.02FY202411.07%39.5FY202510.61%66.8FY202610.03%Source: The Edge Malaysia, 26 and 30 Oct 2026, quoting the prospectus. FY2024/25 revenue not disclosed in these reports.
Profit after tax margin has fallen every year since FY2024, even as profit itself grew.
  • Net profit has nearly quadrupled since FY2023 — RM16.8 million to RM66.8 million, a 58.4% CAGR.
  • Profit margin has narrowed three years straight — 11.07% in FY2024 down to 10.03% in FY2026.
  • Revenue nearly doubled to RM666 million in FY2026, The Edge reports, as the margin kept slipping.

What's the Single Biggest Risk Before You Apply?

Who MyDCD's FY2026 revenue came fromOne customer, three years into the relationship85%15%Binastra Builders Sdn BhdEvery other customerSource: The Edge Malaysia, 26 Oct 2026, quoting the prospectus.
Binastra Builders, a unit of Main Market-listed Binastra Corp, is MyDCD's main customer of three years.
CompanyListedMarket capTrailing P/ERevenue (ttm)Net income (ttm)
MyDCD (IPO)17 Nov 2026, ACE MarketRM1.00bn~15xRM666m (FY2026)RM66.8m (FY2026)
Dec 2023, now Main MarketRM965.0m39.5xRM306.3mRM22.2m

Critical Holdings: stockanalysis.com, previous close RM2.52 (2 Nov 2026), trailing twelve months. It transferred from the ACE to the Main Market on 9 Oct 2025.

  • One customer, Binastra Builders, supplied 85% of FY2026 revenue, from a three-year relationship with the builder.
  • Malaysia's only other listed data-centre MEP firm trades near 39.5 times earnings — more than double MyDCD's IPO multiple.

What to watch

  • 4 Nov 2026Balloting. The public-portion oversubscription rate is the first number to read.
  • 17 Nov 2026ACE Market debut, code 0482 (MYDCD). Reference price 56 sen.
Not financial advice. Figures are from the prospectus as reported by Bernama, The Star and The Edge Malaysia, read on 3 November 2026, plus Critical Holdings' own market data from stockanalysis.com. Rates.my holds no Capital Markets Services Licence, gives no price targets and makes no recommendation to subscribe. Check the prospectus on Bursa Malaysia before applying.

Sources & further reading

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