PETALING JAYA: RNG Tech Bhd, the operator of the “Rest N Go” brand of vending massage chair services, has entered into an underwriting agreement with M&A Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia by the third quarter of financial year 2026.
In a release, RNG Tech noted the IPO exercise encompasses a public issuance of 126.1 million new ordinary shares, representing 16% of its enlarged issued share capital, as well as an offer for sale of 78.8 million existing shares representing 10% of its enlarged issued share capital.
Of the 126.1 million new shares, 39.4 million will be made available to the Malaysian public, 11.8 million to eligible directors, employees and persons who have contributed to the success of the group while 74.9 million shares will be allocated by way of private placement to selected bumiputra investors approved by the Investment, Trade and Industry Ministry (Miti).
Of the 78.8 million offer shares, 23.6 million will be made available by way of private placement to selected bumiputra investors approved by Miti, with the balance of 55.2 million to be placed out to selected investors.
By revenue, RNG Tech is the largest vending massage chair operator in Malaysia, with a 69.3% market share in 2024.
It has expanded abroad to Singapore, Thailand, Cambodia and Brunei.
As at July 31, 2025, it owned and operated 4,146 vending massage chairs across these five countries. In addition, a further 2,340 vending massage chairs are deployed in Vietnam and the Philippines under licensing arrangements.
M&A Securities will underwrite a total of 51.2 million issue shares.
