The company is slated for listing on Feb 6.

Wentel Engineering is principally involved in the fabrication of semifinished metal products, metal parts and assembly of finished products for manufacturers in several industries.

The group’s IPO exercise entailed an offering of 273.2 million new ordinary shares at 26 sen per share.

Group CEO Chuah Chong Syn said proceeds from the IPO will be used for the next phase of the company’s business expansion, whereby 56.31% of the total proceeds will be allocated to finance the construction of its new manufacturing facility in Johor Bahru.

Meanwhile, 35.24% of the proceeds have been earmarked for the purchase of new machinery and equipment, while the balance is to defray listing-related expenses.

“The new manufacturing plant is expected to provide a net additional built-up area of approximately 299,701 sq ft for Wentel Engineering’s workers’ accommodation and operations, which is expected to start operating in the second half of 2025,” he told the media after launching the company’s prospectus.

He added that the new facility, coupled with new equipment and technology, will pave the way for the company to seize opportunities in Malaysia and Singapore, serving both existing and new customers.

Upon its listing, the group said it would have an increased share capital of 1.15 billion shares with a market capitalisation of approximately RM299 million.

TA Securities Holdings Bhd has been appointed as the principal adviser, sponsor, underwriter, and placement agent to Wentel Engineering for the listing exercise.