KUALA LUMPUR: Pioneer Heat Holdings Bhd aims to raise RM21.68mil from its initial public offering (IPO) following its listing on the ACE Market of Bursa Malaysia on Sept 17, 2026.

The mechanical engineering services provider said that of the proceeds, RM4mil will be utilised to set up its new headquarters in Sendayan, Negri Sembilan, and RM2.07mil to establish its new office in Sarawak.

A further RM4.01mil is allocated for the purchase of machinery and equipment, RM7.90mil for working capital and RM3.70mil for estimated listing expenses.

According to its prospectus, of the 86.70 million new ordinary shares under the public issue, 17.35 million shares are allocated to the Malaysian public while 58.95 million shares are available via private placement to selected investors.

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