ACE Market-bound RNG Tech eyes RM16.4mil from IPO to drive expansion

From left: RNG Tech Executive Director and Chief Financial Officer Garry Shin Kok Leong; Executive Director and CEO Terence Chang Kai Ren; Managing Director Datin Sophia Tan Sok Fei; Independent Non-Executive Chairman Tengku Datuk Setia Putra Alhaj Tengku Azman Shah Alhaj; Non-Independent Non-Executive Director Datuk Goh Cheh Yak; M&A Equity Holdings Managing Director Datuk Bill Tan Choon Peow; M&A Securities Head of Corporate Finance Gary Ting Hua Tai

KUALA LUMPUR: Vending massage chair service provider, RNG Tech Bhd, aims to raise RM16.4 million from its initial public offering (IPO) ahead of its listing on the ACE Market of Bursa Malaysia on July 7, 2026.

Managing director Sophia Tan Sok Fei said the proceeds will be utilised for the company’s next phase of growth through the expansion of its vending massage chair network, the refurbishment and upgrading of RNG stations and RNG premium outlets, as well as the strengthening of its operational capabilities.

"The prospectus marks an important milestone for RNG Tech as we move closer to becoming a listed company. Over the years, we have built a strong and recognisable ‘Rest N Go’ brand, supported by an extensive regional network, market leadership and integrated digital capabilities,” she said in a statement today.

According to RNG Tech, of the RM16.4 million, a total of RM4.9 million or 29.9 per cent will be used to set up new RNG stations and RNG premium outlets, followed by RM4.2 million (25.6 per cent) for listing expenses, and RM3 million (18.3 per cent) for repayment of borrowings.

"Another RM2.2 million or 13.3 per cent will be used for the refurbishment and upgrading of existing RNG stations and RNG premium outlets, RM1.1 million (6.8 per cent) for working capital, while RM1 million (6.1 per cent) for marketing expenses,” it said.

RNG Tech’s IPO exercise entails a public issue of 126.1 million new shares, representing 16 per cent of the enlarged issued share capital of the company, as well as an offer for sale of 78.8 million existing shares, representing about 10 per cent of its enlarged issued share capital.

Upon listing, the company will have a market capitalisation of approximately RM102.4 million, based on an enlarged issued share capital of 788 million shares and an IPO price of 13 sen per share.

"Applications for the public issue will open from today and close on June 24 2026, at 5 pm. M & A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise,” it said.- Bernama