Liftech IPO: Crane Builder Targets RM23m at 29 Sen on ACE Market

After a string of technology and services IPOs dominated investor attention, it is now the turn of a heavy manufacturing company to take the spotlight. Liftech Group Berhad, a Selangor-based builder of industrial cranes and lifting equipment, has opened applications for its IPO shares at 29 sen each ahead of its listing on the ACE Market of Bursa Malaysia.

The IPO aims to raise around RM23 million, with the application closing date set for 16 June 2026 and the listing scheduled for 30 June 2026. For investors hunting for a reasonably valued IPO with a clear business foundation, Liftech offers a different story from the crowded wave of technology IPOs. This article breaks down the offer structure, use of proceeds, financial performance, and the risks you should weigh before deciding.

What Is Liftech Group Berhad?

Liftech Group Berhad is a manufacturer and supplier of customised industrial lifting and handling equipment under the "Liftech" brand. The core of its business is designing and building cranes such as overhead cranes and gantry cranes, as well as industrial lifts including goods hoists for moving heavy loads.

Liftech's main customers come from sectors that work heavily with metal, such as steel foundries, manufacturing plants, and construction firms. Interestingly, Liftech does not merely sell finished products. Through its subsidiaries, it offers end-to-end services spanning the entire lifecycle of the equipment: from design, manufacturing, installation and commissioning, through to maintenance, repair and after-sales services. This business model matters because it creates recurring revenue from service contracts, not just one-off sales.

The company is led by its Managing Director, Bernard Ng, and operates production facilities spanning Bukit Minyak in Penang and Kota Kinabalu in Sabah, in addition to its main operations in Selangor.

IPO Structure & the 29 Sen Price

At an offer price of 29 sen per share, Liftech is expected to achieve a market capitalisation of RM91.3 million upon listing. This places it in the small-cap category, which is typical for ACE Market listings.

The breakdown of Liftech's IPO offer is as follows:

• 79.2 million new shares will be issued, representing 25.2% of the enlarged share capital of 314.9 million shares.
• 15.8 million existing shares are offered for sale, representing 5% of the enlarged share capital.

Of this total, the share allocation is divided into:

• 15.8 million shares for the Malaysian public via balloting.
• 39.4 million shares for Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
• 16.8 million shares placed out to selected investors.
• 7.2 million shares under the pink form allocation for eligible directors and employees.

This arrangement gives the public and Bumiputera investors a chance to participate directly through balloting. The sizeable Bumiputera allocation (39.4 million shares) aligns with the regulatory requirements for listing on Bursa Malaysia.

What Will the RM23 Million Be Used For?

The RM23 million IPO proceeds will not all be channelled into new growth. A large portion goes toward strengthening the company's balance sheet. Here is the breakdown of the use of proceeds as reported by The Star:

• RM13.8 million (about 59.8%) to repay bank borrowings incurred for the acquisition of operational facilities in Bukit Minyak (Penang) and Kota Kinabalu (Sabah).
• RM1.7 million for new factory machinery and equipment in Taiping.
• RM1.0 million for renovation and upgrading of facilities.
• RM2.0 million for working capital.
• RM4.5 million for listing expenses.

The fact that nearly 60% of the proceeds go toward repaying debt is a detail investors should fully understand. On one hand, this reduces interest expense and improves the company's debt ratios, making the balance sheet healthier post-listing. On the other hand, it means little of the IPO money flows directly into expanding production capacity that could generate fresh revenue growth quickly. This differs from some IPOs that use the majority of funds for factory expansion or capital expenditure (capex).

Financial Performance: Is Liftech Profitable?

One of Liftech's strengths is that it enters the market as an already profitable company, not a pre-revenue firm betting on future promises. For the financial year ended 31 December 2025, Liftech recorded:

• Revenue: RM57.9 million
• Net profit: RM6.9 million
• Gross profit margin: 41.2%
• Net profit margin: 11.9%

A gross margin of 41.2% is fairly healthy for a manufacturing company. It suggests Liftech has decent pricing power over its customised crane products, likely due to the specialised, engineering-intensive nature of the work. The 11.9% net margin shows the company is able to retain a reasonable portion of its revenue as profit after all costs.

As a rough calculation, with net profit of RM6.9 million and a market capitalisation of RM91.3 million, Liftech's IPO price-to-earnings (PE) ratio is around 13.2 times. This sits within a moderate range for a profitable ACE Market company. To understand whether this figure is expensive or cheap compared with other sectors, you can refer to our guide on the PE ratio by sector in Malaysia.

Adviser & Underwriter: A Signal of Demand

In assessing an IPO, the identity of the adviser and underwriter often signals institutional confidence in the offer. For the Liftech IPO, M&A Securities Sdn Bhd acts as the principal adviser, sponsor, underwriter, and placement agent, while Wyncorp Advisory Sdn Bhd is the corporate finance adviser.

Liftech signed the underwriting agreement with M&A Securities in May 2026, as reported by The Edge Malaysia. When an investment bank is willing to act as underwriter, it generally takes on the risk for any shares not fully subscribed. This indicates a degree of confidence in market demand, although it is not a guarantee of post-listing price performance.

Key Dates & How to Apply for the Liftech IPO

Here are the important dates to note:

• Application closing date: 16 June 2026
• ACE Market listing date: 30 June 2026

To apply for Liftech IPO shares, you need an active CDS (Central Depository System) account and a stock trading account. Applications can be made through several channels: a printed IPO application form, participating bank ATMs, internet banking, or your stockbroker's platform. If you are new, you can refer to our step-by-step guide on how to apply for an IPO in Malaysia and how to check IPO results after the balloting.

Bear in mind that applying via balloting does not guarantee you will be allotted shares. If the IPO is heavily oversubscribed, your chances of being allotted shares become smaller, and many applicants may not succeed at all.

Risks & Considerations Before Investing

While Liftech offers a solid business foundation, every IPO carries its own risks worth weighing:

• Proceeds used for debt: Nearly 60% of IPO proceeds repay borrowings rather than fund new growth. This makes the IPO money's impact on future revenue growth slower than capex-focused IPOs.
• Cyclical industry: Demand for cranes and heavy lifting equipment is closely tied to construction, manufacturing and heavy industrial activity. When the economy slows or construction projects are delayed, orders can be affected.
• Customer concentration: A company serving niche sectors such as steel foundries may rely on a limited number of major customers. The customer concentration risk should be checked in the full prospectus.
• ACE Market volatility: ACE Market shares are generally more volatile than Main Market shares, especially in the early days of trading. Prices can spike or fall sharply within a short period.

Before deciding, you are strongly encouraged to read the full Liftech prospectus available on the Bursa Malaysia website. The prospectus provides complete details on risk factors, shareholding structure, and financial projections that cannot be fully summarised in this article.

Liftech in the Context of the 2026 Bursa IPO Wave

Liftech's listing comes at a time when Bursa Malaysia is witnessing a buoyant IPO wave. Malaysia has emerged as one of the most active IPO destinations in Southeast Asia, with more than 50 companies expected to list throughout 2026. Bursa has also emphasised a quality-over-quantity approach, targeting IPO fundraising in the tens of billions of ringgit. You can read more about this trend in our analysis of Malaysia as Southeast Asia's IPO champion.

In this context, Liftech represents a category of IPO that is often overlooked: a small and medium-sized (SME) manufacturer that is already profitable but does not attract as much publicity as giant technology or healthcare IPOs. For investors, this type of IPO sometimes offers more reasonable valuations because of less "hype", even though it may lack the exponential growth potential of a technology company. ACE Market shares like Liftech typically draw retail investor interest seeking a first-day pop, but long-term performance still depends on the company's ability to grow its core business.

What sets Liftech apart from some other ACE IPOs is that it is not a company just trying to find its footing. With revenue of nearly RM58 million a year and a stable record of profitability, it enters the market with a mature operational base. The real deciding factor is whether management can leverage its listed status to win larger contracts and expand its operations into Taiping and beyond.

Frequently Asked Questions (FAQ) on the Liftech IPO

What is the Liftech IPO price?

The Liftech IPO price is 29 sen per share. At this price, the company is expected to achieve a market capitalisation of RM91.3 million upon listing on the ACE Market.

When is the Liftech IPO application closing date?

Applications for the Liftech IPO are open until 16 June 2026. The listing on the ACE Market of Bursa Malaysia is scheduled for 30 June 2026.

What is Liftech Group Berhad's business?

Liftech is a builder of customised industrial cranes and lifting equipment, including overhead cranes, gantry cranes, and industrial lifts. The company also provides design, installation, maintenance and repair services for customers in the steel foundry and construction sectors.

How much does Liftech aim to raise from the IPO?

Liftech aims to raise around RM23 million from this IPO. About 59.8% (RM13.8 million) will be used to repay bank borrowings, while the rest goes to machinery, renovation, working capital and listing expenses.

Is Liftech a profitable company?

Yes. For the financial year ended 31 December 2025, Liftech posted a net profit of RM6.9 million on revenue of RM57.9 million, with a gross profit margin of 41.2% and a net margin of 11.9%.

Who is the underwriter for the Liftech IPO?

M&A Securities Sdn Bhd acts as the principal adviser, sponsor, underwriter and placement agent, while Wyncorp Advisory Sdn Bhd is the corporate finance adviser for this IPO.

How do I apply for the Liftech IPO?

You need an active CDS account and a stock trading account. Applications can be made via a printed IPO form, participating bank ATMs, internet banking, or your stockbroker's platform before the closing date of 16 June 2026.

Conclusion

The Liftech IPO presents a manufacturing company that is already profitable, with healthy margins and an end-to-end business model in the industrial crane niche. At 29 sen with a PE of around 13.2 times, its valuation sits at a moderate level for the sector. However, investors should be aware that the majority of the IPO proceeds go toward repaying debt rather than aggressive expansion, and the sector is cyclical, tied to industrial activity.

As with any IPO investment, the final decision depends on your own risk tolerance and portfolio strategy. Read the full prospectus and weigh every factor before deciding.

If you are interested in participating in IPOs like Liftech or investing in shares listed on Bursa Malaysia, the first step is to own an account that lets you trade.

Open your CDS and stock trading account through Mahersaham to start investing on Bursa Malaysia as well as overseas stock markets such as the United States and Hong Kong.

If you are just starting out, download our free Stock Market Basics Ebook as a guide to understanding the ins and outs of stock investing from the ground up.

Further Reading

• TeamStar IPO (ACE Market): Shariah-Compliant in the Furniture Accessories Industry
• Ambest Group Berhad IPO: Precision Machining & CNC Engineering Firm
• IPO Malaysia: What It Is, How to Apply & Strategy
• Malaysia, Southeast Asia's IPO Champion: Over 50 Companies to List in 2026
• PE Ratio: How to Tell If a Stock Is Cheap or Expensive by Sector