PETALING JAYA: Elsa Bhd delivered a firm debut on Bursa Malaysia’s ACE Market, wrapping up its first trading day almost 20% above its initial public offering (IPO) price.
The integrated oil and gas services and equipment provider closed at 27.5 sen, near to the intra-day high of 28.5 sen.
This brought Elsa’s market capitalisation to RM148mil, based on its enlarged issued share capital of 538.4 million shares.
The stock’s IPO price was 23 sen. It opened for trading yesterday at 25 sen.
Almost 77.7 million shares had changed hands by market close.
The listing follows a strong IPO exercise that saw the Malaysian public portion oversubscribed by 27 times.
Bernama reported that Elsa aims to accelerate its growth in the digital technology, robotics, and engineering segments.
Its chief operating officer, Azril Hassan, said given the current industry landscape, digital fields remain among the most in-demand sectors and continue to attract growing market interest.
“Our ambition is to grow further into digital engineering and robotics, which are key focus areas moving forward, and expand beyond the oil and gas sector into non-oil and gas businesses.
“We also hope that the company will achieve a market capitalisation of about half a billion within the next three to four years,” he said.
Elsa’s listing marks the first among 20 high-potential new-generation bumiputra companies identified by the Bumiputra Agenda Steering Unit (Teraju) through the Bumiputra Strategic Ownership Fund, in line with the aspirations of the Bumiputra Economic Transformation Plan 2035.
The listing ceremony was attended by Economy Minister Akmal Nasrullah Mohd Nasir, Deputy Minister Datuk Mohd Shahar Abdullah and Teraju chief executive officer Junady Nawawi.
Elsa’s managing director Daniel Ilham Khong said Malaysia operates an extensive subsea pipeline network requiring constant, data-driven inspection.
