LPC LTD

What the company does

LPC Limited is a Cayman Islands holding company that conducts all of its operations through its wholly-owned Malaysian subsidiary, Lotus Power Corporation (M) SDN. BHD. The company’s Malaysian operating subsidiary is engaged in the electrical equipment supply and trading industry, as indicated by its planned use of proceeds for switchgear, transformers, and extra high voltage equipment. The company intends to expand into manufacturing, including local assembly operations and proprietary product lines. It currently relies on dividends from its operating subsidiary for cash and financing requirements.

Use of proceeds

Based on an assumed IPO price of US$5.0 per share (midpoint of the range), the company expects net proceeds of approximately US$16.9 million (US$19.6 million if the over-allotment option is exercised in full). Approximately 60% (~US$10.1 million) will be used to expand manufacturing capabilities and product range, including local assembly operations, acquiring strategic interests in switchgear and transformer manufacturers, developing proprietary products, and supplying 132 kV and 275 kV extra high voltage equipment. Approximately 20% (~US$3.4 million) will strengthen project execution, tendering and sales capabilities, including funding collateral for performance bonds, maintaining strategic inventory, and recruiting sales engineers. The remaining approximately 20% (~US$3.4 million) will fund general working capital and corporate purposes, including costs of being a public company.

Underwriters

Extracted from F-1 0001213900-26-106329, filed Oct 2, 2026 and verified against that filing text.

Key risk factors

• Rapid growth and limited operating experience

  “We have grown rapidly in recent years and have limited experience of operating on our current scale of operations.”

• Reliance on subsidiary dividends

  “We rely on dividends and other distributions on equity paid by the Operating Subsidiary to fund our cash and financing requirements, and any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business.”

• Evolving industry risk

  “Electrical equipment supply and trading industry is evolving rapidly and may not evolve as w”

• PCAOB inspection risk under HFCA Act

  “Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspectable by the PCAOB, there is no guarantee that future audit reports will be prepared by auditors inspectable by the PCAOB and, as such, in the future investors may be deprived of the benefits of the PCAOB inspection program.”