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Pioneer Heat Holdings IPO: 25 Sen ACE Market Listing, Applications Close 3 September

RaymondRates.my4 min read

Pioneer Heat Holdings wants to list on the ACE Market next month. The engineering firm does piping, heat treatment and inspection work for oil, gas and industrial plants, and prices its IPO at 25 sen a share. Retail applications close Thursday, 3 September.

25 sen
IPO price
86.70m new shares
3 Sep 2026
Applications close
listing 17 Sep on the ACE Market
RM86.73m
Market cap at listing
346.90m enlarged shares

The deal in 30 seconds

WHERE THE RM21.68M GOEScompany's share of proceeds · one scale, five usesWorking capitalRM7.90mNew machinery & equipmentRM4.01mNew Sendayan HQRM4.00mListing expensesRM3.70mNew Sarawak officeRM2.07m
RM21.68m is the company's own share of the raise (a separate RM4.34m offer-for-sale goes to existing shareholders). Source: Pioneer Heat's own IPO press release.
  • Pipe engineering, heat treatment and NDT for oil, gas, petrochemical and manufacturing plants since 1997.
  • Malacca Securities is sole adviser, sponsor, underwriter and placement agent for the listing.
An industrial refinery tower with pipework against the sky
Pioneer Heat's work sits inside plants like this — piping, heat treatment and non-destructive testing for oil, gas and petrochemical operators. · Photo: Unsplash

A profitable, fast-growing niche

FYE MARCH 2024 → FYE MARCH 2025 (separate scales)Revenue (RM m)31.47FY202442.97FY2025Profit after tax (RM m)3.21FY20245.16FY2025
Financial year ended 31 March. Two separate scales — revenue and profit aren't meant to be compared bar-for-bar. Source: The Edge Malaysia.
  • Profit margin widened too — about 10% of revenue in FY2024 to roughly 12% in FY2025.
  • The Wong family keeps 53.7% of the company after listing, down from 78.2% pre-IPO.

When and how to apply

12 AugApplications open3 SepApplications close17 SepLists on ACE Markettoday · 31 Aug
Applications opened 12 August 2026 and close 3 September; shares list 17 September on the ACE Market.
  • Applications close 3 September, three days from now — apply through your broker’s IPO platform before the deadline.
  • No trading history exists yet — ACE Market debuts often swing hard on listing day, in either direction.

For the balloting math behind a recent Bursa debut, see is it worth applying for Bursa IPOs? or compare brokers for your next application.

What to watch

  • 3 Sep 2026Retail application window closes.
  • 17 Sep 2026Pioneer Heat debuts on the ACE Market — the first-day close is the number that matters, not the open.
Not financial advice. This is general information based on Pioneer Heat Holdings Berhad’s own IPO disclosures and news coverage, as at 31 August 2026. It is not a recommendation to apply for, hold or sell any shares, and Rates.my does not issue price targets or forecasts. Confirm current terms in the prospectus or with your broker before acting.

Sources & further reading

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