SKA Capital opens 19% higher on ACE Market debut
The electrical engineering firm's IPO raised about RM103.4 million, with RM72.3 million going to the company.
SKA Capital Bhd began trading on the ACE Market on Nov 11 at 51 sen, up 19% from its IPO price of 43 sen per share. The electrical engineering company's shares subsequently reached 57.5 sen.
At 9.15am, the counter traded at 56 sen, with turnover exceeding 70 million shares. That price gave SKA Capital a market capitalisation of RM501 million.
The company has an order book of about RM313 million, with data centre work accounting for about half and contracts from Tenaga Nasional Bhd making up about half. Its businesses include engineering for substations and underground utilities, alongside trading in electrical devices, equipment and construction materials used in power infrastructure.
Of the approximately RM103.4 million raised through the IPO, RM72.3 million went to SKA Capital for equipment and machinery purchases, performance bonds for future work and working capital. Managing director Datuk Subas Kumar Ambairam received RM31.13 million by selling existing shares.
Speaking at the listing ceremony, Subas said the company intended to build its substation and underground utility capabilities, take on more complex and larger projects, and improve its capacity to handle projects concurrently.
Subas said opportunities in Selangor and Johor, particularly data centres, could keep the company occupied for the next one to two years. He said SKA Capital secured roughly one in four tenders and was pursuing work worth four to five times its current order book.
