CHEEDING
Key figures
- IPO price
- RM 0.36
- Day 1 open
- RM 0.70
- Day 1 close
- RM 0.735
- Current price
- RM 0.795
- Day 1 open %
- +94.4%
- Day 1 close %
- +104.2%
- Since listing
- +120.8%
- Oversubscription
- 40.87x
- Market cap
- RM 287.0 M
- Offer size
- 208 M
- Enlarged shares
- 797.26 M
- Float
- 26.09%
Four recorded prices. Spacing between points is not a time scale; the dashed line is the IPO price.
Offer structure
| Tranche | Shares | % |
|---|---|---|
| Malaysian Public | 39.863 M | 5% |
| Eligible Parties | 8.168 M | 1.02% |
| Selected investors (via private placement) | 27.202 M | 3.41% |
| Selected Bumiputera investors approved by MITI (via private placement) | 67.767 M | 8.5% |
| Selected investors (via private placement) | 33.109 M | 4.15% |
| Selected Bumiputera investors approved by MITI (via private placement) | 31.891 M | 4% |
Source: company prospectus, PDF page 46.
Business profile (from the prospectus)
Prospectus excerpt shown in the document's original language.
Our Company is an investment holding company. Through our subsidiary, Pembinaan Bukit Cheeding, we are principally involved in the provision of utilities engineering solutions where our main activities involve the EPCC and maintenance of overhead infrastructure for utilities. Pembinaan Bukit Cheeding is also involved in the EPCC of underground infrastructure for utilities as well as the substation engineering services. Our subsidiary, BC Services, is involved in the supply of electrical and civil engineering related services in relation to design works for projects undertaken by Pembinaan Bukit Cheeding.
Source: company prospectus, PDF page 108.
Use of proceeds (from the prospectus)
| Item | RM'000 | % |
|---|---|---|
| Repayment of bank borrowings | 2,300 | 4.5% |
| Capital expenditure | 3,200 | 6.2% |
| Performance bond for future projects | 16,150 | 31.4% |
| Working capital | 24,630 | 47.8% |
| Estimated listing expenses | 5,200 | 10.1% |
Source: company prospectus, PDF page 38.
Financials (from the prospectus)
| FY | Revenue (RM'000) | PATAMI (RM'000) | Margin | EPS (sen) |
|---|---|---|---|---|
| FY2022 | 9,481 | |||
| FY2023 | 36,951 | 8,228 | 22.27% | 1.03 |
| FY2024 | 88,162 | 20,455 | 23.20% | 2.57 |
| FY2025 | 117,683 | 26,347 | 22.39% | 3.30 |
Latest-FY revenue growth: +33.48%. PE at the IPO price: 10.91. Source: company prospectus (verified excerpts), PDF page 39.
Board context: ACE
Across 217 ACE IPOs in the database: median day-1 close +13.5% (P25 +0.0%, P75 +45.7%), median since-listing -8.0%. 71.0% closed day 1 above their IPO price.
This IPO's day-1 close of +104.2% sits at P89 of its board · This IPO's since-listing of +120.8% sits at P85 of its board
Board peers: ACE
| Symbol | Listed | IPO price | Day 1 close | Since listing | Market cap |
|---|---|---|---|---|---|
| CNERGEN | 24 May 2022 | RM 0.58 | +0.0% | -27.6% | RM 288.8 M |
| SET | 08 Jan 2025 | RM 0.28 | +41.1% | -26.8% | RM 280.2 M |
| WENTEL | 06 Feb 2024 | RM 0.26 | +7.7% | +11.5% | RM 299.0 M |
| THMY | 23 Oct 2025 | RM 0.31 | +193.6% | +190.3% | RM 275.3 M |
| SCGBHD | 16 Oct 2020 | RM 0.34 | -2.9% | +514.7% | RM 272.0 M |
| CREST | 09 Oct 2024 | RM 0.35 | +0.0% | -41.4% | RM 303.0 M |
| PMW | 18 Nov 2025 | RM 0.34 | +1.5% | -10.3% | RM 303.3 M |
| CENGILD | 18 Apr 2022 | RM 0.33 | +40.9% | -34.8% | RM 270.2 M |
Audit
No audit published for this IPO.