BUS Cap Bhd, a bus builder with over five decades of established market presence, has officially launched its prospectus in conjunction with its initial public offering (IPO) and proposed listing on the ACE Market of Bursa Malaysia.
The IPO entails a total offering of 126.52 million shares comprising a public issue of 107.35 million new shares and an offer for sale of 19,17 million existing shares at an issue price of 23 sen/share.
Upon listing, Bus Cap will possess an enlarged issued share capital of 383.38 million shares which translate to a market capitalisation of approximately RM88.18 mil.
With an earnings per share of 2.56 sen based on the group’s enlarged number of shares and audited financial results for its FY2025 ended Dec 31, 2025, the IPO price implies a price-to-earnings multiple of approximately 8.98 times.
Investment breakdown
TA Securities Holdings Bhd serves as the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.
The public issue is structured to raise gross proceeds of RM24.69 mil. To execute its expansion roadmap, the group has earmarked RM9.10 mil for the construction of a new production facility and RM5.03 mil for the procurement of semi-automated fabrication machines.
Elsewhere, an additional RM6.16 mil is allocated for working capital, with the remaining RM4.40 million covering estimated listing expenses.
This strategic capital injection is designed to modernise Bus Cap’s manufacturing capabilities which the group estimates will increase its annual production capacity by approximately 15% from 168 to 194 buses.
For its FY2025, the group recorded a revenue of RM88.08 mil and a net profit of RM9.81 mil with successfully delivery of 131 buses.
Bus Cap currently operates four production lines with an annual capacity of 168 buses and recorded a strong utilisation rate of 78.0% in FY2025.
Next structural growth phase
“This prospectus launch marks our transition into the public markets from a position of solid operational strength,” commented Bus Cap’s executive director Bernard Ng Chong Yan.
“We’re entering this phase with a robust earnings base and a highly visible path to scaling our capacity. The RM24.69 mil raised will be allocated to our next phase of structural growth – specifically to fund our new production facility and semi-automated fabrication lines.”
Added Ng: “As commercial operators across Malaysia and Singapore accelerate their fleet modernisation, this capital injection ensures that we’ve the manufacturing agility and output capacity to meet the rising demand for higher-efficiency, larger-capacity models.”
The Ipoh-based Bus Cap’s core operations are conducted through its wholly-owned subsidiary Sin Hock Leong Coach Works Sdn Bhd.
The group specialises in the design and manufacture of bus bodies, the assembly of bus bodies with principal-sourced chassis, the installation of fittings to form completely built-up buses and the provision of repair and maintenance services.
The product portfolio spans four bus types and six models by supporting stage buses, express buses, tour buses, worker buses and shuttle services across both Malaysia and Singapore.
Applications for Bus Cap’s IPO open today (May 6) till 5pm on May 15. Balloting is scheduled for May 19 with the group’s targeted listing on the ACE Market set for June 3.
Under the public issue structure, 19.17 million shares are made available to the Malaysian public, 11.5 million shares are allocated to eligible directors, employees and contributors to the group’s success while 76.68 million shares are reserved via private placement to selected investors.
Concurrently, a further 19.17 million existing shares are also offered via private placement. – May 6, 2026
