United Asiapac prices ACE Market IPO at 35 sen per share, seeks RM49m for expansion
United Asiapac Energy Bhd has priced its ACE Market IPO at 35 sen per share, aiming to raise RM48.73 million for equipment acquisition and expansion. The company specializes in upstream oil and gas services and plans to list on August 19.
Why it matters
This IPO provides insight into the capital expenditure plans and market valuation of a regional oil and gas services provider.
BURSA SGX Home IPO Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (July 28): United Asiapac Energy Bhd priced its initial public offering (IPO) at 35 sen per share as the oil and gas services firm seeks to raise RM48.73 million for expansion.
The proposed IPO on the ACE Market involves only the public issue of new shares, according to its prospectus launched on Tuesday. There is no accompanying offer-for-sale component, meaning that existing shareholders are not cashing out their stake in the company.
Applications for the IPO will close on Aug 5, and listing has been scheduled for Aug 19.
United Asiapac specialises in fishing services — retrieving equipment stuck in wells — and also provides plug and abandonment, sidetracking, and other upstream support services. The company mainly operates out of Kemaman in Terengganu and Labuan.
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