Kuala lumpur: Integrated oil and gas services and equipment solutions provider Elsa Bhd's initial public offering (IPO) has been oversubscribed by 27 times ahead of its listing on the ACE Market of Bursa Malaysia, slated for June 16, 2026.
According to BERNAMA News Agency, the company revealed in a statement that it received a total of 9,090 applications for 751.63 million shares, representing a total application value of RM172.87 million for the 26.92 million shares made available for application by the Malaysian public. For the bumiputera portion, a total of 4,896 applications were received for 276.64 million shares, translating to an oversubscription rate of 19.55 times. For the remaining Malaysian public portion, 4,194 applications were submitted for 474.98 million shares, representing an oversubscription rate of 34.29 times.
Elsa's IPO comprises a public issue of 118.4 million new shares and an offer for sale of 36.4 million existing shares at an IPO price of 23 sen per share, with the public issue expected to raise gross proceeds of approximately RM27.23 million. Elsa managing director Daniel Ilham Khong stated that the IPO marks a significant milestone for Elsa as it aims to enhance its project execution capacity and expand its capabilities across oilfield service solutions, digital solutions, and robotics and engineering solutions.
Khong further emphasized that as the company moves towards listing, its focus will remain on execution, governance, and long-term value creation. He added that Elsa will continue to support the evolving needs of the energy sector through technical expertise, Petronas-licensed market access, technology partners, and asset-light project integration.
The group disclosed that it currently maintains 140 ongoing projects comprising 109 sole-vendor fixed projects and 31 umbrella projects, with an estimated remaining contract value of RM636.03 million and a remaining firm order value of RM265.45 million. Additionally, Elsa has submitted 157 tenders and proposals with an aggregate contract value of RM655.47 million, pending evaluation.
Malacca Securities Sdn Bhd serves as the principal adviser, sponsor, underwriter, and placement agent for the IPO.