KUALA LUMPUR: RNG Tech Bhd's initial public offering (IPO) has been oversubscribed by 7.8 times ahead of its listing on the ACE Market of Bursa Malaysia Securities Bhd on July 7.
The operator of the "Rest N Go" vending massage chair services received 7,321 applications for 345.62 million shares worth about RM44.9mil for the 39.4 million shares made available to the Malaysian public.
The Bumiputera portion attracted 3,489 applications for 122.86 million shares, representing an oversubscription rate of 5.2 times, while the public portion received 3,832 applications for 222.76 million shares, translating into an oversubscription rate of 10.3 times.
Managing director Datin Sophia Tan Sok Fei said the response reflected investors' confidence in the group's market leadership, established Rest N Go brand and regional growth prospects.
"The proceeds raised will support the expansion of our vending massage chair network, the refurbishment and upgrading of existing RNG stations and RNG premium outlets, as well as the strengthening of our operational capabilities," she said in a statement.
"As we continue to expand our presence across Malaysia and overseas markets, we remain focused on enhancing customer experience, strengthening our digital system and growing our regional footprint. We believe these initiatives will further reinforce our leadership position in the vending massage chair industry,” Tan said.
The IPO comprises the issuance of 126.1 million new shares at 13 sen each to raise RM16.4mil, alongside an offer for sale of 78.8 million existing shares via private placement.
The 11.8 million shares allocated to eligible directors and employees were fully subscribed, while the private placements to Bumiputera investors approved by the Ministry of Investment, Trade and Industry and selected investors were fully placed out.
RNG Tech said RM4.9mil of the IPO proceeds will be used to set up new RNG stations and premium outlets, RM2.2mil for refurbishment and upgrades, RM3mil to repay borrowings, RM1.1mil for working capital, RM1mil for marketing activities, and the remaining RM4.2mil to defray listing expenses.
The group is Malaysia's largest vending massage chair operator by revenue, with a 66.2% market share in 2025.
As at May 18, 2026, it owned and operated 5,611 vending massage chairs across 1,438 stations and premium outlets in Malaysia, Singapore, Thailand, Cambodia and Brunei, while another 2,458 chairs are deployed in Vietnam and the Philippines under licensing arrangements.
Based on the IPO price of 13 sen a share, RNG Tech will debut on Bursa with a market capitalisation of about RM102.4mil.
M & A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
