Tentative Date(s):

• Opening of application - 09 December 2024
• Closing of application - 23 December 2024
• Balloting of applications - 27 December 2024
• Allotment of IPO shares to successful applicants - 06 January 2025
• Tentative listing date - 08 January 2025

Company Background

The company was incorporated in Malaysia under the Act on 12 September 2022 as a private limited company under the name, Swift Energy Technology Sdn Bhd. On 19 April 2024, the company was converted into a public limited company and adopted its present name. The company is an investment holding company. Through its subsidiaries, they are principally involved in the provision of industrial automation and power systems focusing on process control, Ex solar PV, power distribution, and other systems, mainly serving customers in the O&G, as well as grain products, edible oils, and food manufacturing industries. They are also involved in the supply of related products and services comprising the distribution of power and industrial electrical products, as well as the provision of technical services.

The company Group structure after the Pre-IPO Restructuring but before IPO is as follows:

Use of proceeds

1. Expansion of fabrication facility, storage, office and new R&D centre - 39.97% (within 36 months)
2. Purchase of machineries, equipment and software - 3.14% (within 36 months)
3. Setting up a dedicated R&D centre - 2.11% (within 36 months)
4. Business expansion - 5.75% (within 36 months)
5. Repayment of borrowing - 21.41% (within 12 months)
6. Working capital - 19.05% (within 24 months)
7. Estimated listing expenses - 8.57% (within 1 months)

Expansion of fabrication facility, storage, office and new R&D centre - 39.97% (within 36 months)

The company intends to allocate RM28.00 million or 39.97% of the gross proceeds from its Public Issue to partially finance the said expansion of the fabrication facility, storage, office and new R&D centre while the remaining via the company Group’s internally generated funds and/or bank borrowings. Based on the quotation obtained by the management, the installation of Mezzanine Level and construction of New Fabrication Facility are estimated to be RM30.93 million and the breakdown of which is as follows:

Purchase of machineries, equipment and software - 3.14% (within 36 months)

The company intends to allocate RM2.20 million or 3.14% of the total proceeds from its Public Issue and the balance from the company Group’s internally generated funds and/or bank borrowings to finance the purchase of the following machineries, equipment and software by 2027 to be utilised at the New Fabrication Facility to be constructed for expansion of the fabrication operations. The timing for the purchase of machinery, equipment and software within a period of 36 months from the Listing date are to align with the completion schedule of the construction of New Fabrication Facility as these machineries, equipment and software are intended to be housed within it. In addition, this allows smooth integration of the machineries, equipment and software into the operations upon completion of the construction of New Fabrication Facility.

Setting up a dedicated R&D centre - 2.11% (within 36 months)

The company intends to allocate approximately RM1.48 million or 2.11% of the gross proceeds from its Public Issue for setting up a dedicated R&D centre as follows:

Business expansion - 5.75% (within 36 months)

The company intends to allocate approximately RM4.03 million or 5.75% of the total gross proceeds to be raised from the Public Issue to finance the expansion of their business in Indonesia, which the details are as follows:

Repayment of borrowing - 21.41% (within 12 months)

The company intends to use approximately RM15.00 million or 21.41% to partially repay the bank borrowing as follows:

Working capital - 19.05% (within 24 months)

The company has earmarked approximately RM13.35 million or 19.05% of the total gross proceeds to be raised from the Public Issue to finance the company Group’s future operation as follows:

Business Model

The company’s business model is depicted in the following diagram:

Click here to continue the IPO - Swift Energy Technology Berhad (Part 2)

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