Kuala Lumpur, 7 October 2025 — Cheeding Holdings Berhad, a Malaysian utilities engineering solutions provider specialising in power infrastructure, made a powerful debut on the ACE Market of Bursa Malaysia Securities Berhad today under the stock name “CHEEDING” and stock code 0372.
Cheeding’s shares opened highest at RM0.78, representing an impressive 116.7% premium over its initial public offering (IPO) price of RM0.36 per share — signaling robust investor confidence and enthusiasm for the Group’s growth prospects. The counter quickly became one of the day’s most actively traded stocks, reflecting strong demand from both retail and institutional investors.
Through its subsidiaries, Cheeding provides Engineering, Procurement, Construction, and Commissioning (EPCC) services across both overhead and underground utility infrastructures, as well as substation engineering and maintenance for Malaysia’s power grid. The Group is a Grade G7 contractor registered with the Construction Industry Development Board (CIDB) Malaysia, and holds key accreditations from Tenaga Nasional Berhad (TNB), the Ministry of Finance (MOF), and the Energy Commission.
IPO Composition and Investor Participation
Cheeding’s IPO involved a total of 208 million shares, including 143 million new shares and 65 million existing shares offered for sale. The structure was as follows:
- 39.86 million shares for the Malaysian public;
- 8.17 million shares for eligible directors, employees, and key contributors;
- 67.77 million shares via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI); and
- 27.20 million shares via private placement to selected investors.
The offer-for-sale portion included 31.89 million shares to Bumiputera investors and 33.11 million shares to selected institutional investors.
TA Securities Holdings Berhad acted as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO, ensuring a successful market debut and strong participation across investor categories.
Leadership Remarks and Strategic Vision
Commenting on the listing, Ng Lam Shein, Chief Operating Officer of Cheeding, said the listing represents “a proud milestone” for the Group and a significant step toward strengthening its position within Malaysia’s power infrastructure ecosystem.
“From our humble beginnings, we have grown into a recognised engineering solutions provider capable of delivering critical projects across Peninsular Malaysia,” Ng said. “Being listed on Bursa Malaysia gives us greater visibility and positions us to take on bigger responsibilities in supporting Malaysia’s power infrastructure needs.”
Ng added that Cheeding will focus on executing its existing order book efficiently, enhancing its technical expertise, and expanding its client base to sustain growth momentum in the years ahead.
Ku Mun Fong, Head of Corporate Finance at TA Securities Holdings Berhad, remarked that the successful listing and strong market response demonstrate investors’ faith in Cheeding’s fundamentals.
“Investor interest in Cheeding’s IPO reflects confidence in its solid track record, growth potential, and contribution to Malaysia’s utilities sector. We look forward to supporting Cheeding as it builds long-term value for its shareholders,” Ku added.
Industry Context and Growth Outlook
Cheeding’s debut comes as Malaysia intensifies investment in its energy transition, grid modernization, and infrastructure resilience under the National Energy Transition Roadmap (NETR). With its integrated capabilities and regulatory credentials, the Group is well positioned to participate in large-scale power and utilities projects, particularly in renewable energy and smart-grid development.
Market analysts view Cheeding’s strong opening as a reflection of investor appetite for small- and mid-cap engineering counters aligned with the country’s decarbonisation and electrification goals.
