ELSA Bhd, an integrated oil & gas services and equipment (OGSE) solutions provider, has officially lunveiled its prospectus in conjunction with the group’s initial public offering (IPO) and proposed listing on the ACE Market of Bursa Malaysia.
The group transitions to the public equities market with strong earnings visibility. As at the latest practicable date, Elsa holds 140 on-going projects comprising 109 sole-vendor fixed projects and 31 umbrella projects.
This translates to an estimated remaining contract value of RM636.03 mil and a remaining firm order value of RM265.45 mil. The growth trajectory is further supported by an active tender book comprising 157 pending proposals valued at an aggregate RM655.47 mil.
Operating strictly as an asset-light project integrator, Elsa leverages its 269 PETRONAS Standardised Work and Equipment Categories (SWEC) licenses to deploy specialised robotics, digital, talent and oilfield solutions across the energy sector.
The group has established a formidable technical moat in subsea infrastructure, having successfully executed AUV pipeline inspections spanning 155 km for Petronas Technical Services Sdn Bhd and 60km for Vestigo Petroleum Sdn Bhd alongside extensive drone-based surveillance for public infrastructure and O&G assets.
“This IPO is a targeted capital exercise to scale our technical execution capacity,” commented Elsa’s managing director Daniel Ilham Khong on the group’s strategic listing.
“The capital raised will be aggressively deployed to expand our internal autonomous underwater vehicle (AUV) operations, procure advanced AI drone fleets and execute our high-value digital and oilfield contracts.”
Added Daniel: “As the energy sector increasingly mandates robotics and digital-first solutions, Elsa is uniquely positioned to capture these complex contracts without the drag of heavy capital expenditures.”
IPO breakdown
Elsa’s IPO is structured to raise gross proceeds of RM27.23 mil via a public issue. To support its expanding contract pipeline, RM16.38 mil will be directly allocated to fund consultant-related expenses to execute the group’s oilfield and digital solutions portfolio (RM5.7 mil for existing projects and RM10.68 mill for future projects).
A further RM3.0 mil is earmarked to internalise and scale the group’s AUV management capabilities, funding specialised software subscriptions and technical hires.
Additionally, RM1.4 mil will fund the procurement of eight specialised drones comprising six AI autonomous units and two advanced confined-space drones to expand the robotics division’s margin profile. The remaining balance covers working capital and estimated listing expenses.
Elsa generated revenue of RM264.66 mil in its FYE2025 ended Dec 31, 2025 with pre-tax profit of RM16.5 mil and net earnings of RM10.76 mil.
The group’s IPO entails a total offering of 154.80 million shares at an issue price of 23 sen/share comprising a public issue of 118.40 million new shares and an offer for sale of 36.40 million existing shares.
Upon listing, the group will possess an enlarged share capital of 538.40 million shares, translating to a market capitalisation of approximately RM123.83 mil and an implied P/E multiple of 11.50 times based on FY2025 PATAMI (profit after tax and minority interests).
Under the public issue structure, 26.92 million new shares are available to the Malaysian public (with 50% allocated to Bumiputera investors).
Another 10.76 million shares are reserved for eligible directors, management and contributors while 80.71 million new shares will be placed to selected investors. The 36.40 million offer-for-sale shares will also be placed to selected investors.
Malacca Securities Sdn Bhd serves as the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.
Applications for Elsa’s IPO which opens today (May 21) will close at 5pm on June 3. Balloting is scheduled for June 5 with the group’s targeted listing set for June 16. – May 21, 2026
