KUALA LUMPUR: Bus Cap Bhd, a bus builder with over five decades of market presence, launched its prospectus in conjunction with its initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia.
Executive director Bernard Ng Chong Yan said the prospectus launch marks the group’s 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,” he said.
The IPO entails a total offering of 126.51 million shares, comprising a public issue of 107.34 million shares and an offer for sale of 19.16 million shares, at an issue price of RM0.23 per share.
Upon listing, Bus Cap will possess an enlarged issued share capital of 383.38 million shares, translating to a market capitalisation of approximately RM88.18 million.
With an earnings per share of 2.56 sen, based on its enlarged share count and audited financial results for the financial year ended Dec 31, 2025 (FY25), the IPO price implies a price-to-earnings multiple of approximately 8.98 times.
TA Securities Holdings Bhd 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 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 FY25, 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 FY25.
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, express, tour, and worker buses, as well as shuttle services, across Malaysia and Singapore.
Applications for the IPO will close on May 15, 2026.
Balloting is scheduled for May 19 2026, with the targeted listing on the ACE Market of Bursa Malaysia set for June 3, 2026.
Under the public issue structure, 19.16 million shares are made available to the Malaysian public, 11.50 million shares are allocated to eligible directors, employees, and contributors to the group’s success, while 76.67 million shares are reserved via private placement to selected investors.
Concurrently, 19.16 million shares are offered via private placement.
