KUALA LUMPUR: Bus Cap Bhd has secured approval from Bursa Malaysia Securities Bhd to undertake an initial public offering (IPO) and list on the ACE Market.
Bus Cap, a bus builder with more than five decades of market presence, serves bus operators, travel companies and government agencies in Malaysia, and has expanded into Singapore.
The proposed IPO involves a total of 126.52 million ordinary shares, comprising 107.35 million new shares and 19.17 million existing shares via private placement to selected investors.
TA Securities Holdings Bhd has been appointed as principal adviser, sponsor, underwriter and placement agent for the exercise.
For the financial year ended Dec 31, 2024, Bus Cap posted revenue of RM56.4mil and a profit after tax of RM6.9mil, driven by strong demand for higher-capacity buses, particularly semi-high deck models.
Managing director Ng Chai Sing said the approval marks a key milestone, enabling the company to enhance its operational capabilities and scale its market presence.
“Transitioning to the public markets gives us the financial agility to aggressively modernise our operations and capture a larger slice of the bus building industry.
“Amid rising demand from bus operators in Malaysia and Singapore for higher-capacity, more efficient fleets, this proposed listing equips us with the capital and technological edge to meet evolving needs,” he added.
Proceeds from the IPO will be used to fund expansion plans, including the development of a new production facility, investment in semi-automated fabrication technologies, and strengthening of working capital to support a growing order book.
