Full prospectus analysis of the Pioneer Heat Holdings Berhad (PIONEER, 0471) IPO, a provider of piping system engineering, heat treatment and NDT services to oil, gas and petrochemical plants. IPO price RM0.25 (PE 10.55 times), market capitalisation RM86.73 million, ACE Market listing on 17 September 2026. Applications close 3 September 2026. FYE2026 revenue of RM97.66 million at an 82.6% CAGR with the best margins in its peer group, but only RM28.02 million of order book is secured for FYE2027. Shariah-compliant.