INTEGRATED oil & gas services and equipment (OGSE) solutions provider Elsa Bhd has today (March 31) signed an underwriting agreement with Malacca Securities Sdn Bhd in conjunction with its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd.
Malacca Securities Sdn Bhd is acting as the principal adviser, sponsor, underwriter and placement agent for the group’s listing exercise.
Based on the proposed structure, Elsa’s IPO entails a public issue of 118.4 million new shares which represent about 22% of its enlarged issued share capital as well as an offer for sale of 36.4 million existing shares or about 6.76% of the group’s enlarged share capital.
Upon completion of the IPO, Elsa will boast an enlarged issued share capital of 538.4 million shares. The 118,4 million new shares will be allocated in the following manner:
- 26.02 million new shares will be made available for application by the Malaysian public;
- 10.77 million new shares will be allocated to eligible persons; and
- 80.71 million new shares will be offered via private placement to selected investors.
Pursuant to the underwriting agreement, Malacca securities will underwrite the 37.69 million new shares made available to the Malaysian public and eligible persons.
“The signing of the underwriting agreement marks an important step forward in our corporate journey, officially moving us into the execution phase of our proposed listing on the ACE Market,” enthused Elsa’s executive chairman Amiruddin Mohd Zain.
“With this milestone secured alongside Malacca Securities, we’ll continue to focus on executing our growth plans in a disciplined manner as we prepare for the upcoming prospectus launch and subsequent stages of the listing process.”
Elsa is principally involved in the provision of integrated solutions across four core business segments: (i) oilfield service solutions; (ii) digital solutions; (iii) robotics and engineering solutions; and (iv) talent solutions.
Operating on a highly scalable, asset-light model, the group integrates advanced technologies and capabilities from its network of partners to deliver specialised, high-value solutions to O&G operators.
Elsa currently serves a robust portfolio of clients within the PETRONAS ecosystem alongside international and independent O&G operators operating in Malaysia.
The proposed listing is expected to unlock the strategic capital required to support Elsa’s continued growth trajectory.
This includes specifically to strengthen its technical workforce, expanding its robotics and asset inspection capabilities, and providing the working capital headroom necessary to execute its expanding pipeline of projects. – March 31, 2026
