EGP Energy’s public offer of 1 million shares 17.6 times subscribed

[SINGAPORE] The initial public offering of electrical infrastructure solutions and service provider EGP Energy Corporation has drawn strong investor interest, with one million shares on offer 17.6 times subscribed.

By the close of the public offer at noon on Monday (Jul 27), the company had received 651 valid applications for the offer shares.

These applicants applied for an aggregate of 17.6 million shares, with application monies received amounting to about S$9 million, said EGP Energy Corporation in a bourse filing on Tuesday.

UOB and UOB Kay Hian are the joint issue managers for the IPO, with UOB Kay Hian serving as the sole bookrunner and underwriter.

The company said that about 17.8 million placement shares received indications of interest, drawing application monies of roughly S$9.1 million.

Based on valid applications for all 31.5 million shares, the overall IPO was about 1.7 times subscribed.

While the company currently does not have a fixed dividend policy, it noted its intention to recommend dividends of up to 40 per cent of the group’s net profit attributable to shareholders, for the financial years of 2026 and 2027.

Meanwhile, the company’s cornerstone investors, Amova Asset Management Asia, Avanda Investment Management, Ginko-AGT Global Growth Fund, Value Partners Hong Kong and Whitefield Capital Management, have subscribed for 41.2 million shares with a total value of around S$21 million.

EGP Energy Corporation said that its IPO has raised total gross proceeds of approximately S$30.6 million.

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The company earlier noted that it intends to use the proceeds primarily to expand its product offerings and customer base, as well as strengthen its maintenance services capabilities, invest in digitalisation and intelligent technologies, and support its expansion into Malaysia and Indonesia.

Frankie Fan, executive chairman and chief executive officer of EGP Energy, said that the strong investor interest reflects the opportunities that the company sees ahead.

He cited Singapore’s continued investment in electrical infrastructure, growing demands of data centres, semiconductor manufacturing and electrification across the region.

“Being listed is a milestone, not the finish line,” said Fan. “We are committed to execute our growth strategy and future plans with the same discipline that has defined EGP Energy, and to create lasting value for all our shareholders as we enter this next chapter.”

The company specialises in providing engineering, procurement and construction management services for transmission and distribution projects. These include project design, installation and the commissioning of electrical equipment.

As at Jun 16, the group’s order book stood at around S$282.1 million, with projects slated for completion through 2031.

Shares of EGP Energy will commence trading on the mainboard of the Singapore Exchange at 9 am on Wednesday under the stock code EGX.