THE Malaysian public portion of integrated oil and gas services and equipment (OGSE) solutions provider Elsa Bhd’s IPO (initial public offering) has been oversubscribed by 26.92 times ahead of its tentative June 16 listing on the ACE Market of Bursa Malaysia.
Based on the official balloting figures, the group received a total of 9,090 applications for 751.63 million shares which represent a total application value of RM172.87 mil for the 26.92 million shares made available for application by the Malaysian public.
For the Bumiputera portion, a total of 4,896 applications were received for 276.64 million shares, thus translating to an oversubscription rate of 19.55 times.
For the remaining Malaysian public portion, 4,194 applications were submitted for 474.98 million shares which represent an oversubscription rate of 34.29 times.
“We’re encouraged by the response from the Malaysian public. The oversubscription reflects investor interest in Elsa’s business model, track record and positioning as an integrated OGSE solutions provider,” commented Elsa’s managing director Daniel Ilham Khong.
“This IPO marks an important step for Elsa as we strengthen our project execution capacity and build further capabilities across oilfield service solutions, digital solutions and robotics and engineering solutions.”
Moving forward, Daniel stressed that the group’s key focus remains on execution, governance and long-term value creation.
“We’ll continue to support the evolving needs of the energy sector through technical expertise, PETRONAS-licensed market access, technology partners and asset-light project integration,” he added.
Elsa’s IPO comprises a public issue of 118.4 million new shares and an offer for sale of 36.4 million existing shares at an IPO price of 23 sen/share. The public issue will raise gross proceeds of approximately RM27.23 mil.
Elsa operates as an asset-light project integrator, combining technical expertise, specialised consultants, software, equipment and project management capabilities to support customers across the O&G value chain.
The group currently maintains 140 on-going projects comprising 109 sole-vendor fixed projects and 31 umbrella projects with an estimated remaining contract value of RM636.03 mil and a remaining firm order value of RM265.45 mil.
Moreover, it has also submitted 157 tenders and proposals with an aggregate contract value of RM655.47 mil pending evaluation.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO. – June 7, 2026
