Rosado appoints Kenanga as joint underwriter for ACE Market IPO
The IPO is scheduled to launch on Nov 27 and will include a sale of existing shares by the founding Lim family’s private vehicle.
Rosado Bhd has brought in Kenanga Investment Bank Bhd to help underwrite its proposed ACE Market initial public offering (IPO), joining Malacca Securities. A Rosado spokesperson said the electrical engineering company’s IPO is due to launch on Nov 27.
The underwriting covers shares allocated to Malaysian public investors and eligible persons through the pink form allocation. Kenanga will serve as joint placement agent alongside its joint underwriting role. Malacca Securities will manage both underwriting and placement, while also acting as principal adviser and sponsor.
Managing director and chief executive officer Datuk Lim Tiew Sin said the listing would give Rosado access to capital for expansion and to strengthen its capabilities.
The Selangor-based company supplies mechanical, electrical and plumbing engineering services to data centres. These customers generated almost all its revenue over the past three years. Its activities also include earthworks and other civil construction services.
A draft prospectus filed in June shows that the IPO also involves existing shares being offered for sale by TSLIM Holdings Sdn Bhd, the private vehicle of Rosado’s founding Lim family.
Other mechanical, electrical and plumbing contractors pursuing listings include SKA Capital Bhd, with a Nov 11 listing planned, and MyDCD Bhd, whose debut is scheduled for Nov 17. Pioneer Heat Holdings Bhd listed in September.
