BUS Cap Bhd, a bus builder with over five decades of established market presence, has signed an underwriting agreement with TA Securities Holdings Bhd in conjunction with its proposed initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia.
TA Securities has been appointed as the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.
This agreement marks a critical step forward for the group by formally advancing Bus Cap toward its prospectus launch and subsequent market debut.
Its proposed IPO comprises a public issue of 107.35 million new shares which represent approximately 28.0% of the Bus Cap’s enlarged issued share capital as well as an offer for sale of 19.17 million existing shares which made up about 5.0% of the group’s enlarged issued share capital.
Upon completion of the IPO, Bus Cap will have an enlarged issued share capital of 383.38 million shares.
The 107.35 million public issue shares will be allocated in the following manner:
- 19.17 million shares made available for application by the Malaysian public;
- 11.5 million shares allocated to eligible directors, employees and individuals who have contributed to the success of Bus Cap and its subsidiary; and
- 76.68 million shares offered via private placement to selected investors.
Pursuant to the underwriting agreement, TA Securities will underwrite the 30.67 million new shares made available to the Malaysian public and eligible persons.
“Signing of this underwriting agreement with TA Securities marks a significant milestone in our IPO journey,” commented Bus Cap’s executive director Bernard Ng Chong Yan of the group’s milestone.
“With the underwriting structure now firmly in place, we’re fully focused on preparing for the prospectus launch while laying the groundwork for our operational expansion.”
Added Ng: “As the commercial transport sector continues to modernise across Malaysia and Singapore, our transition to the public markets will unlock greater capital flexibility, hence enabling us to accelerate production capacity, enhance operational efficiency and meet the growing demand for higher-capacity fleets.”
Bus Cap is principally involved in the design and manufacture of bus bodies, the assembly of bus bodies with chassis sourced from principals, the installation of fittings and accessories to form completely built-up buses and the provision of repair and maintenance services.
The group which has its origin in Sin Hock Leong Coach Works Sdn Bhd has built a strong presence in Malaysia’s bus building industry by serving bus operators, travel companies and government agencies while successfully expanding its footprint into the Singapore market.
The IPO is expected to directly support Bus Cap’s next phase of structural growth.
Key expansion initiatives include the construction of a new production facility, strategic investments into semi-automated fabrication technologies to drive operational productivity and the strengthening of working capital to fulfil an expanding order book. – April 15, 2026
