PETALING JAYA: Bus Cap Bhd has officially launched its prospectus in conjunction with its initial public offering (IPO) and proposed listing on the ACE Market of Bursa Malaysia.
In a statement, the bus builder said the IPO entails a total offering of 126.52 million ordinary 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 per share.
Upon listing, Bus Cap will possess an enlarged issued share capital of 383.38 million shares, translating to a market capitalisation of approximately RM88.18mil.
With an earnings per share of 2.56 sen based on its enlarged number of shares and audited financial results for the financial year ended Dec 31, 2025 (FY25), the IPO price implies a price-to-earnings multiple of approximately 8.98 times.
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 RM24.69mil.
To execute its expansion roadmap, Bus Cap has earmarked RM9.10mil for the construction of a new production facility and RM5.03mil for the procurement of semi-automated fabrication machines.
An additional RM6.16mil is allocated for working capital, with the remaining RM4.40mil 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 FY25, the group recorded a revenue of RM88.08mil, a profit after tax of RM9.81mil, and successfully delivered 131 buses.
The group currently operates four production lines with an annual capacity of 168 buses and recorded a strong utilisation rate of 78% in FY25.
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, supporting stage buses, express buses, tour buses, worker buses, and shuttle services across both Malaysia and Singapore.
The company targets listing on the ACE Market of Bursa Malaysia on June 3, 2026.
Meanwhile, Bus Cap executive director Bernard Ng Chong Yan said the group’s prospectus launch marks the company’s transition into the public markets from a position of solid operational strength,
“We are entering this phase with robust earnings base.”
