Swift Energy Technology Bhd is preparing to raise RM70.06 million ( approx 16 million USD) through its initial public offering (IPO). Shares will be offered at 28 sen each, and the company is set to be listed on the ACE Market on January 8, 2025.
The Energy Technology Bhd is a provider of industrial automation and power systems with HQ in Malaysia. The funds raised by the company will be used to support several initiatives. Approximately 40%, or RM28 million, will go toward expanding the company’s fabrication facility, increasing storage capacity, and building a new research and development (R&D) center in Shah Alam.
The company has also allocated part of the IPO proceeds for financial and operational needs. RM15 million, or 21.4%, will be used to reduce borrowings, while RM13.3 million, or 19%, will be directed toward working capital.
Swift Energy is focusing on renewable energy projects. Recent developments include the delivery of solar photovoltaic (PV) systems for industrial clients in Malaysia and across the region. The company has also developed hybrid energy solutions that integrate solar power with backup power systems to meet the specific energy needs of factories and processing plants.
The company noted a rise in demand for its solar PV systems as more businesses move toward sustainability initiatives and energy cost reduction. Swift Energy has been providing automation solutions for renewable energy integration, including systems for managing solar power generation and energy storage.
CEO Tan Bin Chee stated that, “the company’s offerings, such as solar PV systems and process control technologies, cater to industries like oil and gas, grain products, and food manufacturing. These sectors are increasingly adopting renewable energy and automation to enhance operational efficiency.”
Based on the IPO price and an enlarged share capital of one billion shares, Swift Energy’s market capitalization is expected to reach RM280.22 million. The company’s shares are classified as Shariah-compliant by the Shariah Advisory Council of the Securities Commission.
