MyDCD Berhad IPO (MYDCD 0482): Data Centre MEPF Specialist Heads to ACE Market at 15x PE
MyDCD Berhad opened its IPO for applications on 26 October 2026 at RM0.56 per share, and is scheduled to list on the ACE Market of Bursa Malaysia on 17 November 2026 under the stock name MYDCD (code 0482). The company does not own data centres. It is a specialist contractor that installs the "internal organs" of a data centre: cooling, power supply, chilled water piping and fire protection, or MEPF for short.
With a market capitalisation of about RM1.0 billion at the IPO price, MyDCD is a large IPO by ACE Market standards, and it arrives just as the wave of data centre investment in the Klang Valley is at its peak. Its profit has grown almost fourfold in three years. But behind those numbers sits one big risk you must understand: more than 85% of last year's revenue came from a single customer. This article summarises the key facts from the official prospectus dated 26 October 2026 so you can judge for yourself before applying.
Who Is MyDCD Berhad?
MyDCD Berhad is an investment holding company incorporated on 4 July 2025 for the purpose of the listing. The actual business is run by its wholly-owned subsidiary, DCD Technology Sdn Bhd, which was incorporated on 25 May 2010 and began operations in 2011. Its first project was the MEPF integration of a data centre in Cyberjaya, which later received Tier III design certification from the Uptime Institute.
Put simply, a data centre is a building full of servers. Servers generate intense heat and need a power supply that cannot be interrupted even for a second. MyDCD handles the full process for these systems, from engineering support, supply and installation, through to testing and commissioning:
- Mechanical (M) - cooling systems such as computer room air conditioning units and chillers, plus ventilation
- Electrical (E) - primary power distribution and redundant power sources
- Plumbing / process utility (P) - pumps and piping that circulate chilled water to cooling units
- Fire protection (F) - early detection and rapid suppression to protect ICT equipment
- Supporting systems - access control, building management systems and fuel distribution
Beyond projects, MyDCD also provides preventive and corrective maintenance. One of its early maintenance contracts, secured in 2012, covered the operational facility and disaster recovery centre of Bursa Malaysia Berhad. The company has a track record of about 15 years, experience with Tier I to Tier IV data centres, and 91 local employees as at 30 September 2026.
Almost 100% Reliant on Klang Valley Data Centres
MyDCD's focus is very narrow, which can be a strength or a weakness depending on how you look at it. MEPF integration for data centres made up 97.02% of FYE 2026 revenue, with the remaining 2.98% from maintenance. By location, 99.87% of revenue came from projects in the Klang Valley, including Selangor and Kuala Lumpur.
If you want to understand why data centres have become such a big theme on Bursa, start with our article on who profits from Malaysia's data center boom.
MyDCD Berhad IPO Details
| Item | Details |
|---|---|
| Company Name | MyDCD Berhad |
| Stock Name / Code | MYDCD / 0482 |
| Market | ACE Market, Bursa Malaysia |
| IPO Price | RM0.56 per share |
| Shariah Status | Shariah compliant (approved by the SC's Shariah Advisory Council) |
| Enlarged Share Count | 1,794,000,000 shares |
| Market Cap at IPO Price | RM1,004.64 million |
| Public Issue (new shares) | 335,000,000 shares (18.68%) - raising RM187.60 million for the company |
| Offer for Sale (existing shares) | 145,000,000 shares (8.08%) - RM81.20 million to the selling shareholders |
| FYE 2026 EPS (enlarged base) | 3.72 sen |
| PE at IPO Price | 15.05 times |
| Pro Forma NA per Share After IPO | RM0.18 |
| Principal Adviser, Sponsor, Underwriter & Placement Agent | TA Securities Holdings Berhad |
| Issuing House | Malaysian Issuing House Sdn Bhd |
MyDCD's Shariah-compliant status is stated in the prospectus and remains valid until the next review by the Shariah Advisory Council, which is updated on the last Friday of May and November each year. The official list can be checked on the Securities Commission Malaysia website.
An interesting fact: the prospectus states that when the listing application was submitted, the group already met the quantitative criteria for the Main Market, yet it chose the ACE Market. View MyDCD IPO data on a single page, including financial charts, share allocation and shareholders.
Key Application Dates
| Event | Date |
|---|---|
| Applications open | 26 October 2026, 10.00 am |
| Applications close | 2 November 2026, 5.00 pm |
| Balloting | 4 November 2026 |
| Allotment of shares to successful applicants | 12 November 2026 |
| Listing date | 17 November 2026 |
Late applications will not be accepted. The application process is handled by Malaysian Issuing House, and you can apply via internet banking or your broker's platform. If this is your first IPO application, follow the steps in our guide on how to apply for a Bursa IPO with MPlus Global (in Malay). The full prospectus can be downloaded from the Bursa Malaysia IPO page.
IPO Share Allocation: Who Gets How Much?
The 480 million shares on offer are allocated as follows:
- Malaysian public (via balloting): 89.70 million shares (5.00%), split equally between Bumiputera and non-Bumiputera investors at 44.85 million shares each. At the IPO price, this tranche is worth about RM50.2 million.
- Eligible Parties (Pink Form): 36.00 million shares (2.01%) for directors, employees and persons who contributed to the group's success
- Private placement to Bumiputera investors approved by MITI: 224.25 million shares (12.50%), made up of 158.59 million new shares and 65.66 million Offer for Sale shares
- Private placement to selected investors: 130.05 million shares (7.25%), made up of 50.71 million new shares and 79.34 million Offer for Sale shares
For retail investors, the public balloting tranche is worth about RM50 million. That is larger than most ACE Market IPOs, but given how hot the data centre theme is, oversubscription could be high and your chances of getting shares through the ballot may be small. Bumiputera investors may also consider the MITI quota. See our guide on how to apply for MITI IPO shares (in Malay).
Financial Performance: Revenue Up 3.6x in Three Years
MyDCD's financial year ends on 30 June. Below is a summary of the audited results from the prospectus (RM million):
| Period | Revenue | Gross Profit | Net Profit (PAT) | Gross Margin | Net Margin |
|---|---|---|---|---|---|
| FYE 2023 | 186.7 | 31.4 | 16.8 | 16.83% | 8.99% |
| FYE 2024 | 180.9 | 35.9 | 20.0 | 19.82% | 11.07% |
| FYE 2025 | 372.0 | 61.0 | 39.5 | 16.41% | 10.61% |
| FYE 2026 | 666.0 | 99.8 | 66.8 | 14.99% | 10.03% |
Revenue more than doubled in FYE 2025 (up 105.6%) and rose another 79.0% to RM666.0 million in FYE 2026. Net profit grew 97.2% and then 69.2% to RM66.8 million. According to the prospectus, the compound annual growth rate (CAGR) from FYE 2023 to FYE 2026 was 52.80% for revenue and 58.48% for net profit.
The driver is clear: large data centre contracts from main contractor Binastra Builders Sdn Bhd for projects in Bukit Jalil and Cyberjaya. One thing to watch is that gross margin narrowed from 19.82% (FYE 2024) to 14.99% (FYE 2026). That is common when a company takes on bigger projects at more competitive pricing, but it means each ringgit of revenue now yields thinner profit.
Another strength is a balance sheet with practically no debt. The prospectus states the group's gearing ratio was below 0.01 times throughout the review period.
PE Calculation: Is RM0.56 Fair?
Based on FYE 2026 net profit of RM66.80 million and 1,794 million shares after the IPO, EPS is 3.72 sen. At RM0.56, the PE is 15.05 times. The pro forma net assets (NA) per share after the IPO is RM0.18, so the IPO price is about 3.1 times book value.
How should you read this? The market usually pays a premium for companies exposed to the data centre theme compared with ordinary building contractors. A 15x PE is not cheap like a property IPO priced at a single-digit PE, but it is not expensive either if profit growth can be sustained.
The key question is whether FYE 2026 is a peak year or just the beginning. The RM1.32 billion order book is about 2 times FYE 2026 revenue, giving revenue visibility for another 1 to 2 years. However, the prospectus says this order book will be recognised over FYE 2027 to FYE 2032, so annual growth may be slower than the surge of the past two years.
Use of IPO Proceeds: RM187.6 Million
Only the Public Issue proceeds (RM187.60 million) go to the company. The Offer for Sale proceeds (RM81.20 million) go entirely to the eight selling shareholders, including four promoters.
| Purpose | Amount | % | Timeframe |
|---|---|---|---|
| Working capital | RM134.00 million | 71.43% | 24 months |
| Expansion of business operations | RM39.90 million | 21.27% | 36 months |
| Enhancement of IT systems | RM5.00 million | 2.66% | 36 months |
| Estimated listing expenses | RM8.70 million | 4.64% | 3 months |
Of the RM134 million working capital, RM60 million is set aside specifically for performance bonds on future projects. Data centre projects typically require contractors to provide bank guarantees of 5% to 10% of the contract value, so this money lets MyDCD bid for larger contracts. The balance of RM59.2 million is for subcontracting costs and RM14.8 million for other operating expenses.
The RM39.9 million expansion allocation comprises RM28.9 million to hire 79 additional staff, RM6.0 million to rent a new office of about 25,000 sq ft in Cyberjaya, and RM5.0 million for staff training. The IT portion is for building a centralised ERP system.
Key Risks to Consider
1. One customer makes up 85% of revenue
This is the biggest risk. Binastra Builders Sdn Bhd contributed 85.36% (RM568.52 million) of FYE 2026 revenue, up from 61.68% in FYE 2025 and just 4.24% in FYE 2024. Binastra Builders is a subsidiary of Binastra Corporation Berhad, which is listed on the Main Market. The top five customers made up 98.12% of FYE 2026 revenue.
This dependence also shows up in the order book. Of the eight ongoing integration projects with a remaining value of RM1.25 billion, three Binastra projects in Kuala Lumpur (EX3, PX5 and PX6) account for about RM822 million, or roughly 66%. The other large project is the RM379.6 million LX7 project for MyTelehaus Data Centres in Petaling Jaya. If Binastra slows down or cuts back its contracts, the impact on MyDCD would be significant.
2. Dependence on the data centre sector
Almost all revenue comes from data centre construction. As long as data centre investment keeps flowing into Malaysia, MyDCD benefits. But if it slows, for example because of power or water supply issues or policy changes, the company has no other segment to cushion the blow. The independent market research in the prospectus, based on Department of Statistics Malaysia (DOSM) data, shows the value of construction work done for MEPF systems reached RM10.4 billion in 2025, with a 15.0% CAGR between 2023 and 2025.
3. Cash flow lags behind profit
Paper profit is not the same as cash. In FYE 2026, operating cash flow was RM23.9 million against net profit of RM66.8 million. In FYE 2025, operating cash flow was only RM9.6 million against profit of RM39.5 million. The cause is contract assets (work done but not yet billable), which rose to RM154.13 million in FYE 2025 and stood at RM147.47 million in FYE 2026. The prospectus acknowledges there is no assurance all of this can be billed and collected in full.
4. Project delays and descoping
MyDCD's contracts include liquidated ascertained damages (LAD) clauses if projects finish late. The prospectus also discloses a project in Cyberjaya that was descoped because certain areas did not meet the customer's expectations, with the proposed contract value reduced from RM111.21 million to RM87.20 million.
Other risks to consider
- Large pre-IPO dividend - RM55.0 million was declared in FYE 2025, or 139.29% of that year's profit. As a result, equity fell from RM88.5 million to RM72.9 million. The company also has no fixed dividend policy after listing.
- Share sales by existing shareholders - 145 million shares are being sold in the IPO by eight shareholders, each selling roughly 10% of their holdings.
- 6-month moratorium - specified shareholders are subject to a 6-month moratorium, and other pre-IPO shareholders have voluntarily undertaken not to sell during the same period. After 6 months, selling pressure may increase. Learn more in our article on the IPO lock-up period.
- Fixed-price contracts and subcontractors - most projects are lump-sum contracts, so rising material or labour costs are borne by MyDCD. The prospectus also lists risks from worker shortages, defect claims and the quality of subcontractor work.
Strengths and Catalysts
- Data centre theme - MyDCD has direct exposure to the rapid build-out of data centres in the Klang Valley, with a track record of RM1.35 billion in completed data centre MEPF projects.
- RM1.32 billion order book - including RM1.27 billion in MEPF integration and RM53.08 million in maintenance, about 2 times FYE 2026 revenue.
- Long-term customer relationships - two major customers (Customer A Group and Customer B Group) have worked with MyDCD for about 15 years.
- Clean balance sheet - gearing below 0.01 times, and the IPO proceeds will add capacity for performance bonds on larger projects.
- Rapid growth - revenue CAGR of 52.80% and net profit CAGR of 58.48% from FYE 2023 to FYE 2026.
- Shariah compliant - eligible for Muslim investors' portfolios. The difference is explained in Shariah vs conventional investments.
Major Shareholders After the IPO
Four promoters will hold about 61.2% after the IPO: Ng Kok Hoong (20.14%), Datin Kwan Siew Peng (16.49%, Human Resource and Finance Director), Ng Gek Khoon (16.11%, co-founder and Key Accounts Director) and Yew Kim Keong (8.42%, Non-Independent Non-Executive Director). The company is led by CEO Ow Yong Hoong Peen, while the Board is chaired by Ow Yong Min Che.
Full details including the independent market research (IMR), project list, shareholding structure and our assessment are in the Gold report. Read the full MyDCD prospectus analysis.
IPO Review and IPO Financing
Still deciding whether to apply? We are holding an online IPO Review with a Remisier on Friday, 30 October 2026, at 3:30 pm, covering MyDCD Berhad and KEB Berhad in one session, before applications close on Monday, 2 November. The remisier will walk through the prospectus, valuation and application strategy. Join the IPO Review with a Remisier.
For those who want to apply for a larger quantity, IPO financing is available for MYDCD (0482). Apply for 5x/10x IPO Financing. Remember, financing magnifies both potential gains and potential losses, so understand the risks first in our article on share margin and IPO financing.
Frequently Asked Questions (FAQ)
What is the MyDCD Berhad IPO price?
The MyDCD Berhad IPO price is RM0.56 per share, giving a market cap of RM1,004.64 million based on 1,794,000,000 shares after the IPO.
Is MyDCD Shariah compliant?
Yes. The prospectus states that MyDCD shares are classified as Shariah compliant by the Shariah Advisory Council of the Securities Commission.
When does the MyDCD IPO application close?
Applications open at 10.00 am on 26 October 2026 and close at 5.00 pm on 2 November 2026. Balloting takes place on 4 November 2026.
When will MyDCD list on Bursa Malaysia?
MyDCD is scheduled to list on the ACE Market on 17 November 2026 under the stock name MYDCD and code 0482.
What is the PE of the MyDCD IPO?
Based on FYE 2026 EPS of 3.72 sen on the enlarged share base, the PE at the IPO price is 15.05 times.
What does MyDCD Berhad do?
Through its subsidiary DCD Technology Sdn Bhd, MyDCD integrates mechanical, electrical, plumbing and fire protection (MEPF) systems for Tier I to Tier IV data centres, and provides maintenance services.
Who is MyDCD's largest customer?
Binastra Builders Sdn Bhd, a subsidiary of Binastra Corporation Berhad, contributed 85.36% of FYE 2026 revenue. This customer concentration is the most important risk to assess.
Is IPO financing available for MyDCD?
Yes, 5x or 10x IPO financing is available for MYDCD (0482) by applying through the mahersaham.com dashboard, subject to approval.
How do I check my IPO ballot result?
After balloting on 4 November 2026, you can check your application status on the Malaysian Issuing House website or with your broker. See our guide to checking your IPO application status.
Conclusion
The MyDCD IPO offers direct exposure to Malaysia's data centre build-out at a 15x PE, with fast profit growth, a RM1.32 billion order book and a debt-free balance sheet. The main risks are its heavy reliance on Binastra Builders and on the data centre sector, plus cash flow that lags behind profit, so size your investment to match your risk tolerance.
Before applying for this IPO or any upcoming one, make sure you have an active CDS account.
Open a CDS Trading Account to invest in Bursa Malaysia as well as foreign stocks such as US and Hong Kong shares.
Download our free Stock Market Basics Ebook to understand the fundamentals before making a decision.
Further Reading
- What Is an IPO? How Initial Public Offerings Work in Malaysia
- RM185 Billion Flows Into Malaysia - Who Profits From the Data Center Boom?
- KEB Berhad IPO (KEB 0481): Cheras Property Developer Heads to ACE Market at 6x PE
- Why IPO Stocks Can Crash 6 Months After Listing: Lock-Up Period & Cornerstone Investors Explained
- Share Margin Financing & IPO Financing: What Malaysian Investors Must Know