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ACE Market IPO

What Is SKA Capital's IPO Price, and When Do Applications Close?

RaymondRates.my3 min read

SKA Capital Berhad priced its ACE Market IPO at 43 sen a share. Applications close at 5pm tomorrow (Tuesday, 27 October), and the power-infrastructure contractor lists on 11 November.

What is SKA Capital’s IPO price, and what does it value the company at?

  • The public issue raises RM72.3 million for the company, from 168.075 million new shares.
  • Total IPO size is RM103.4 million, once a 72.4 million-share offer for sale is added in.

What does SKA Capital do, and how fast is it growing?

SKA Capital’s revenue, by financial year050100150200250FY2023RM44.4mFY2025RM241.4mSource: SKA Capital prospectus, via The Star, 20 Oct 2026
SKA Capital's revenue grew from RM44.4 million in FY2023 to RM241.4 million in FY2025 — roughly 5.4 times over two years, driven by substation and underground-cable contracts.
  • SKA Capital is a Grade G7 contractor building substations and underground cables, mainly for Tenaga Nasional.
  • Its order book stood at RM313.4 million on 21 September — work already secured but not yet billed.
  • Revenue for the five months to 31 May grew 45.4% to RM119.2 million from a year earlier.
Colorful electrical cables coiled on a surface
Underground utilities engineering — laying and connecting cable — is one of the two businesses behind SKA Capital's order book, alongside substation work.

Who gets the shares, and when do applications close?

SKA Capital’s 168.075m new shares, by trancheBumiputera investorsMITI-approved111.93mMalaysian publicballoted44.77mDirectors, staff & contributorseligible persons8.95mSelected investorsplacement2.4mSource: SKA Capital prospectus, via The Star, 20 Oct 2026. The offer-for-sale 72.4m shares are separate.
SKA Capital's 168.075 million new IPO shares, split four ways. The 72.4 million offer-for-sale shares sold by the managing director are a separate tranche, not shown here.
  • Managing director Datuk Subas Kumar Ambairam will pocket RM31.13 million selling his own shares in a separate 72.4 million-share tranche.
  • TA Securities Holdings Bhd is the sole adviser, sponsor, underwriter and placement agent for the whole offer.
“We believe the IPO will serve as a springboard for the group to capture these opportunities by strengthening our financial position and execution capacity, enabling us to pursue larger and more complex projects and undertake multiple projects concurrently.”
— Datuk Subas Kumar Ambairam, Managing Director, SKA Capital Bhd — The Star, 20 October 2026

Comparing against another recent ACE Market debut: RedPlanet’s listing was 85.28 times oversubscribed. For the mechanics of applying, compare brokers that handle Bursa IPO applications.

What to watch

  • 27 Oct, 5pmSKA Capital’s IPO applications close.
  • 11 Nov 2026SKA Capital lists on Bursa’s ACE Market.
  • 5 Nov 2026Bank Negara’s final 2026 MPC meeting.
Not financial advice. This is general information on SKA Capital Berhad’s IPO and prospectus disclosures, based on public reporting cited below. It is not a recommendation to buy, hold or sell any shares, and Rates.my does not issue price targets or forecasts. Confirm current terms with your broker before applying.

Sources & further reading

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