To The Moon

$EGP ENERGY CORP(EGX.SI)$ is an electrical infrastructure solutions and service provider for T&D projects in Singapore, with extensive expertise in EHV/HV power transmission and MV distribution network projects.

Transmission and distribution are two key stages in the delivery of electricity from generation sources to end-users. Transmission focuses on moving bulk electricity over long distances through EHV/ HV transmission networks, while distribution steps down the voltage and delivers electricity through MV distribution networks to local areas and individual consumers.

The Group specialises in providing engineering, procurement and construction (EPC) management services for T&D projects including:

• Project design, supplying, installing, positioning, as well as testing and commissioning of electrical equipment

• Consulting on T&D projects including protection and control systems

• Project management

• Maintenance and servicing for T&D assets such as inspections, testing and diagnostics 

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The Group accounted for approximately 24.9% market share of the EHV and HV switchgear and transformer market in Singapore in 2025, according to an independent market research report by Frost & Sullivan.  EPG Energy held a market-leading position in the EHV and HV switchgear segment, with an estimated market share of 37.5%.

EGP Energy has two reporting segments being i) power transmission and distribution(T&D); and ii) maintenance and services (M&S), with over 50 per cent of revenue coming from the T&D segment in the past three FYs. All its revenue was from Singapore in FY 2024 and 2025.

EGP Energy is raising gross proceeds of S$30.6 million and net proceeds of S$27.4 million from the Offering and the Cornerstone Tranche. Around half of the gross proceeds is intended to fund the expansion of product offerings and customer base, and to enhance capabilities in maintenance services, digitalisation and intelligent technologies. 

The remainder would be used to fund expansion into Malaysia and Indonesia, as well as for general corporate and working capital purposes.

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Competitive Strengths based on the IPO Prospectus 

• Experienced, dedicated and founder-led management team, including a CEO with over 30 years of experience in the electrical infrastructure industry, and a management team that has established strong relationships with key stakeholders in the T&D supply chain including regulators and suppliers. 

• Established track record in the T&D industry, holding the L6 SY04 unlimited bidding category under the BCA registration framework – the highest contractor qualification in Singapore’s regulated T&D market. The Group is also ISO 14001:2015, 45001:2018 and 9001:2015 accredited for conformity with industry standards in relation to the supply, installation, commissioning, maintenance and services of high voltage electrical equipment and systems.

• Substantial barriers to entry in the T&D industry. According to the Independent Market Research Report, the T&D market in Singapore is highly regulated and concentrated. The key barriers limiting new entrants and foreign players from competing effectively include stringent approval and pre-qualification requirements, exceptionally high technical, safety and compliance standards, urban density, land constraints and complex infrastructure requirements and the need for established relationships with customers and suppliers.

• Strong financial position to support growth and operations, with disciplined cost management, effective working capital management and a track record of generating operating cash flows. This allows the Group to undertake projects of varying scale and complexity, including capital-intensive T&D projects which require upfront procurement of equipment and deployment of resources. 
   

Key Strategies 

• Expansion of product and service offerings to include environmentally friendly T&D solutions through working with customers and suppliers to develop transformers that are customized to be more environmentally friendly, with a lower global warming potential index.

• Increase business volume with existing and new customers in high growth private sectors, leveraging existing sales and operational capabilities to explore and develop new business opportunities. The Group plans to target high-growth industries including data centre infrastructure, specialised manufacturing, semiconductor production and pharmaceuticals.

• Enhance maintenance capabilities through digitalisation and intelligent technologies by exploring opportunities to progressively integrate monitoring technologies, data analytics, and AI-assisted diagnostics into their maintenance framework.

• Expand geographical reach into Malaysia and Indonesia, leveraging on existing operational expertise and established relationships with equipment manufacturers to target both the private sector and public or government-linked entities.
   

Key Risks (Refer to page 12 of the IPO Offer Prospectus for the full list)

• Reliant on a major customer and any disruption or termination of business relationship[RL1]  may adversely affect financial condition and results of operations. The Key Utility Customer accounted for approximately 37.2%, 47.1% and 80.5% of  FY2023, FY2024, FY2025 revenue respectively

• Business is tender-based, project-driven and non-recurring in nature, revenue may be volatile and there is no assurance on ability to secure new projects.

• May face claims for defects liability or disputes with customers in relation to defective works and may have to bear losses in relation to third-party claims if any equipment integrated into their projects is subject to such claims and they are unable to obtain recourse from their suppliers.

• May not be successful in implementing business expansion strategies given the highly competitive, highly regulated nature of the T&D industry. 
   

Financials & Valuation

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• Revenue grew by 132.8% from approximately S$16.3 million in FY2023 to S$38.0 million in FY2024 and further increased by 2.6% to approximately S$39.0 million in FY2025.

• The Group has a S$282.1 million order book slated for progressive completion through 2031.

• Gross profit grew by 99.0% from approximately S$5.8 million in FY2023 to S$11.7 million in FY2024 and further increased by 23.4% to approximately S$14.4 million in FY2025.

• Over the same period, net profit grew from S$4.1 million in FY2023 to S$10.3 million in FY2025. Based on the post-offering share capital, EGP’s earnings per share was 4.57 cents in FY2025, giving it a trailing PE ratio of 11.2.

• The Group does not have a fixed dividend policy but its Directors intend to recommend up to 40.0% of net profits after tax attributable to Shareholders as dividends for each of FY2026 and FY2027, subject to factors including cash and retained earnings, actual and projected financial performance, projected capital expenditure and expansion plans, working capital requirements and general financial condition, and any terms of their borrowing agreements. 
   

IPO Details 

• Offer price at S$0.51 per share.

• 18.8 million shares offered comprising:

• 17.8 million shares under the placement tranche 

• 1.0 million shares under the public offer

• Estimated IPO market capitalisation, based on post-Offering share capital of 225.5 million shares is S$115.0 million.

• Use of proceeds primarily for: 

• Expansion of product offerings and customer base, and to enhance capabilities in maintenance services, digitalisation, and intelligent technologies

• Expansion of their geographical reach into Malaysia and Indonesia

• General corporate and working capital purposes

• The following Cornerstone Investors subscribed to 41.2 million shares at the Offer Price:

• Amova Asset Management Asia Limited

• Avanda Investment Management Pte. Ltd

• Ginko-AGT Global Growth Fund

• Value Partners Hong Kong Limited

• Whitefield Capital Management Pte Ltd