LPC, a Malaysia-based distributor of transformers, switchgear, and related electrical equipment, filed on Friday with the SEC to raise up to $19 million in an initial public offering.
The company plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. At the midpoint of the proposed range, LPC would command a market value of $94.
LPC supplies transformers, switchgear, and related electrical distribution equipment across Malaysia through its operating subsidiary, Lotus Power. The company sources its equipment from third-party manufacturers, and handles technical compliance reviews, factory acceptance testing, and delivery to project sites. Where required, it also coordinates installation, testing, and commissioning with manufacturers and third-party contractors. Its customers span the buildings and infrastructure, utilities, industrial, railways and substations, renewable energy, mining, marine and offshore, and data center sectors. LPC plans to use the majority of IPO proceeds to expand into manufacturing, and to acquire stakes in manufacturers.
The Subang Jaya, Malaysia-based company was founded in 1985 and booked $23 million in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol LPCI. LPC filed confidentially on March 31, 2026. Sutter Securities and Boustead Securities are the joint bookrunners on the deal.
