WESTRVR
Key figures
- IPO price
- RM 0.39
- Day 1 open
- RM 0.395
- Day 1 close
- RM 0.37
- Current price
- RM 0.205
- Day 1 open %
- +1.3%
- Day 1 close %
- -5.1%
- Since listing
- -47.4%
- Oversubscription
- 0.26x
- Market cap
- RM 139.5 M
- Offer size
- 107.31 M
- Enlarged shares
- 357.7 M
- Float
- 30%
Four recorded prices. Spacing between points is not a time scale; the dashed line is the IPO price.
Offer structure
| Tranche | Shares | % of offer |
|---|---|---|
| Malaysian public (balloting) | 17.89 M | 16.7% |
| Bumiputera / MITI | 44.71 M | 41.7% |
| Private placement | 35.77 M | 33.3% |
| New shares issued | 71.54 M | 66.7% |
| Offer for sale | 35.77 M | 33.3% |
Business profile (from the prospectus)
Prospectus excerpt shown in the document's original language.
Our Group is an M&E engineering services provider and we are principally involved in the: (i) Provision of electrical engineering and ACMV services; and (ii) Provision of intelligent building solutions. We also manufacture electrical panels and distribution boards, primarily to support our M&E engineering services projects and sale to third party. We principally operate in Malaysia. Our services involve projects in the private sectors, such as development or redevelopment of high rise residential properties, mixed -use properties, commercial buildings and industrial buildings.
Source: company prospectus, PDF page 2.
Use of proceeds (from the prospectus)
| Item | RM'000 | % |
|---|---|---|
| Purchase of land and construction of new manufacturing factory cum warehouse | 10,000 | 35.8% |
| Repayment of borrowings | 5,600 | 20.1% |
| General working capital | 7,801 | 28.0% |
| Listing expenses | 4,500 | 16.1% |
Source: company prospectus, PDF page 44.
Financials (from the prospectus)
| FY | Revenue (RM'000) | PATAMI (RM'000) | Margin | EPS (sen) |
|---|---|---|---|---|
| FY2020 | 45,873 | 3,728 | 8.13% | 1.30 |
| FY2021 | 55,292 | 3,633 | 6.57% | 1.27 |
| FY2022 | 83,302 | 5,959 | 7.15% | 2.08 |
| FY2023 | 125,235 | 10,243 | 8.18% | 3.58 |
| FY2024 | 122,742 | 11,463 | 9.34% | 4.01 |
Latest-FY revenue growth: -1.99%. PE at the IPO price: 9.73. Source: company prospectus (verified excerpts), PDF page 34.
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 -5.1% sits at P19 of its board · This IPO's since-listing of -47.4% sits at P12 of its board
Board peers: ACE
| Symbol | Listed | IPO price | Day 1 close | Since listing | Market cap |
|---|---|---|---|---|---|
| HPPHB | 20 Jan 2021 | RM 0.36 | +97.2% | -5.6% | RM 139.8 M |
| GOHUB | 03 Jul 2024 | RM 0.35 | +171.4% | +44.3% | RM 140.0 M |
| OHM | 28 May 2025 | RM 0.28 | +1.8% | +16.1% | RM 140.0 M |
| POLYMER | 25 Nov 2025 | RM 0.25 | +0.0% | -26.0% | RM 140.0 M |
| FIBRO | 08 May 2025 | RM 0.55 | -10.0% | +18.2% | RM 136.6 M |
| SUNVIEW | 17 Oct 2022 | RM 0.29 | +58.6% | +31.0% | RM 135.7 M |
| DAY3 | 26 Jul 2023 | RM 0.30 | +108.3% | -43.3% | RM 144.0 M |
| DENGKIL | 25 Mar 2025 | RM 0.25 | -8.0% | -26.0% | RM 135.0 M |
Audit
No audit published for this IPO.