KUALA LUMPUR — Bus Cap Berhad (“Bus Cap”), a bus builder with over five decades of established market presence, on Wednesday officially launched its prospectus in conjunction with its initial public offering (IPO) and proposed listing on the ACE Market of Bursa Malaysia Securities Berhad. 

The IPO entails a total offering of 126,516,400 ordinary shares, comprising a public issue of 107,347,200 new shares and an offer for sale of 19,169,200 existing shares, at an issue price of RM0.23 per share. 

Upon listing, Bus Cap will possess an enlarged issued share capital of 383,383,000 shares, translating to a market capitalisation of approximately RM88.18 million. 

With an earnings per share of 2.56 sen based on its enlarged number of shares and audited financial results for the financial year ended 31 December 2025 (“FY2025”), the IPO price implies a price-to-earnings multiple of approximately 8.98 times.

TA Securities Holdings Berhad serves as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO exercise.

The public issue is structured to raise gross proceeds of RM24.69 million. To execute its expansion roadmap, Bus Cap and its subsidiary (“Group”) has earmarked RM9.10 million for the construction of a new production facility and RM5.03 million for the procurement of semi-automated fabrication machines. An additional RM6.16 million is allocated for working capital, with the remaining RM4.40 million covering estimated listing expenses. 

This strategic capital injection is designed to modernise Bus Cap’s manufacturing capabilities, which the Group estimates will increase its annual production capacity by approximately 15%, from 168 to 194 buses.

For the FY2025, the Group recorded a revenue of RM88.08 million, a profit after tax of RM9.81 million, and successfully delivered 131 buses. 

The Group currently operates four production lines with an annual capacity of 168 buses and recorded a strong utilisation rate of 78.0% in FY2025.

Mr. Bernard Ng Chong Yan, Executive Director of Bus Cap Berhad, commented on the prospectus launch:

“This prospectus launch marks our transition into the public markets from a position of solid operational strength. We are entering this phase with a robust earnings base and a highly visible path to scaling our capacity. The RM24.69 million raised will be allocated to our next phase of structural growth—specifically, funding our new production facility and semi-automated fabrication lines. 

As commercial operators across Malaysia and Singapore accelerate their fleet modernisation, this capital injection ensures we have the manufacturing agility and output capacity to meet the rising demand for higher-efficiency, larger-capacity models.”

Bus Cap’s core operations are conducted through its wholly-owned subsidiary, Sin Hock Leong Coach Works Sdn Bhd. The Group specialises in the design and manufacture of bus bodies, the assembly of bus bodies with principal-sourced chassis, the installation of fittings to form completely built-up buses, and the provision of repair and maintenance services. 

The product portfolio spans four bus types and six models, supporting stage buses, express buses, tour buses, worker buses, and shuttle services across both Malaysia and Singapore.

Applications for the IPO open today, 6 May 2026, and will close at 5:00 p.m. on 15 May 2026. Balloting is scheduled for 19 May 2026, with the targeted listing on the ACE Market of Bursa Malaysia Securities Berhad set for 3 June 2026.

Under the public issue structure, 19,169,200 shares are made available to the Malaysian public, 11,501,500 shares are allocated to eligible directors, employees, and contributors to the Group’s success, while 76,676,500 shares are reserved via private placement to selected investors. Concurrently, 19,169,200 existing shares are offered via private placement.