BUS Cap Bhd a Malaysian bus builder with a 58-year operating history, has made a stellar debut as Malaysia’s first pure-play bus builder to be listed on Bursa Malaysia.
The group’s ACE Market listing – the first for a local bus manufacturing industry – marks a structural evolution for Bus Cap as it scales its manufacturing capabilities to serve rising domestic and cross-border transport demand.
The counter opened at 26 sen or a 13.04% premium over its initial public offering (IPO) price of 23 sen/share prior to climbing higher to close 11.5 sen or 50% premium at 34.5 sen at the close of today’s (June 3) mid-day trading.
Based on its enlarged issued share capital of 383.38 million shares and IPO price of 23 sen/share, Bus Cap holds a market capitalisation of approximately RM88.18 mil upon listing.
The IPO generated immense market interest with its Malaysian public portion oversubscribed by 72.24 times.
The public tranche attracted 9,992 applications for 1.40 billion shares comprising 5,142 Bumiputera applications for 648.69 million shares and 4,850 non-Bumiputera applications for 755.34 million shares.
The public issue successfully raised RM24.69 mil in gross proceeds to fund Bus Cap’s next phase of operational growth.
The group has allocated RM9.10 mil to construct a new factory adjacent to its existing premises in Silibin, Ipoh and RM5.03 mil to purchase new semi-automated machines.
The remaining funds will be deployed for working capital (RM6.16 mil) and estimated listing expenses (RM4.40 mil).
Productivity boost
The new plant will feature a semi-automated bus body fabrication line designed to advance the manufacturing of standardised modular parts.
Its semi-automation will improve production efficiency, reduce reliance on manual labour and shorten delivery lead times which ultimately increases Bus Cap’s annual production capacity by some 15% from 168 to 194 buses.
This capacity expansion aligns directly with clear structural demand drivers. According to independent market research, Malaysia’s new bus registrations have fully rebounded to exceed pre-pandemic levels.
Crucially, the industry is anchored by strict regulatory fleet replacement cycles – stage buses must be replaced after 15 years, express buses after 10 years and excursion buses after 12 years – thus creating a highly predictable, recurring demand pipeline.
“Today’s listing marks a proud milestone for Bus Cap. Our journey began in Ipoh in 1968, and we’re honoured to bring this 58-year Malaysian bus-building story to the public market,” enthused Bus Cap’s executive director Bernard Ng Chong Yan.
“The exceptional response to our IPO reflects investors’ confidence in our fundamentals. More importantly, this listing gives us the capital to scale our business strategically.”
Added Ng: “By investing in our new factory and semi-automated bus body fabrication lines, we’re building a more efficient production base to meet the strict fleet modernisation requirements of operators across Malaysia and Singapore.”
Operating through its wholly-owned subsidiary, Sin Hock Leong Coach Works Sdn Bhd, Bus Cap provides end-to-end design, manufacturing, and assembly of bus bodies.
The group serves commercial transport operators, travel companies, vehicle dealers and government agencies in Malaysia while maintaining a market presence in Singapore.
At 3.15pm, Bus Cap was up 13.5 sen or 58.7% to 36.5 sen with 103.96 million shares traded, thus valuing the company at RM140 mil. – June 3, 2026
