United Asiapac Energy Prices IPO at 35 Sen, Eyes RM48.7m Raise

KUALA LUMPUR, July 28 – United Asiapac Energy Bhd has set its initial public offering (IPO) price at 35 sen per share, aiming to raise RM48.73 million ahead of its ACE Market debut on August 19. The IPO involves 139.22 million new shares, giving the company a market capitalisation of RM192.5 million. Applications open today and close on August 5.

United Asiapac Energy

Nearly half of the proceeds will fund the acquisition of well intervention tools and equipment, while the remainder will go towards a new corporate office, workforce expansion, engineer recruitment, repayment of borrowings, working capital, and listing expenses.

Managing director Ahmad Fadzuli Ali said the IPO would strengthen operational capabilities as demand for well intervention services grows. With bases in Kemaman and Labuan, the company has completed over 200 projects since 2021. For the nine months ended September 30, 2026, it posted a gross profit of RM21.9 million.

#businessnews