ACE Market-bound Bus Cap Bhd, a Malaysian bus builder with a 58-year operating track record, has seen its initial public offering (IPO) oversubscribed by 72.24 times for its Malaysian public portion ahead of its June 3 listing ear
The group received a total of 9,992 applications for slightly more than 1.4 billion shares from the Malaysian public for the 19.17 million shares made available under the public portion, hence an overall oversubscription rate of 72.24 times.
For the Bumiputera portion, Bus Cap has received 5,142 applications for 648.69 million shares or an oversubscription rate of 66.68 times.
As for the other Malaysian public portion, Bus Cap has received 4,850 applications for 755.34 million shares which represent an oversubscription rate of 77.81 times.
All in all, Bus Cap’s IPO comprises a public issue of 107.35 million new shares and offer for sale of 19,17 million existing shares at an IPO price of.23 sen/share.
The public issue is expected to raise gross proceeds of approximately RM24.69 mil which will be used to support Bus Cap’s next phase of growth.
The group unveiled its IPO prospectus entailing a total offering of 126.52 million shares on May 6.
Of the proceeds raised, RM9.10 mil has been earmarked for the construction of new factory; purchase of new machines (RM5.03 mil); working capital (RM6.16 mil) and estimated listing expenses (RM4.40 mil).
Upon listing, Bus Cap will possess an enlarged issued share capital of 383.38 million shares with a market capitalisation of approximately RM88.18 mil based on its 23 sen/share IPO price.
“We are encouraged by the strong response from the Malaysian public. The oversubscription reflects investor confidence in Bus Cap’s track record, growth plans and position within the bus building industry,” commented Bus Cap’s executive director Bernard Ng Chong Yan.
This IPO is an important step in our next phase of growth. The proceeds will support our construction of new factory, semi-automated fabrication machines and working capital, thus allowing us to improve production efficiency and better serve rising demand for higher-capacity buses.”
Added Ng: “As we move towards our listing, our focus remains on execution, quality and long-term value creation for shareholders.”
Bus Cap’s core operations are conducted through its wholly-owned subsidiary Sin Hock Leong Coach Works Sdn Bhd which is principally involved in the design and manufacturing of bus bodies, assembly of bus bodies with chassis sourced from principals/dealers, sourcing and installation of fittings and accessories to form completely built-up buses as well as provision of bus repair and maintenance services.
Bus Cap posted revenue of RM88.08 mil and net earnings of RM9.81 mil with 131 buses delivered during the year in its audited financial results for FYE2025 ended Dec 31, 2025.
TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO. – May 19, 2026
