KUALA LUMPUR: ACE Market-bound Bus Cap Bhd's initial public offering (IPO) has been oversubscribed by 72.24 times ahead of its listing on Bursa Malaysia on June 3, 2026.

The Ipoh-based bus manufacturer, which sets its IPO price at 23 sen apiece, said it received 9,992 applications for 1.40 billion shares from the Malaysian public.

It said Bumiputera public tranche attracted 5,142 applications for 648,68 million shares, resulting in an oversubscription rate of 66.68 times, while 4,850 applications for 755.34 million shares were received for the other Malaysian public portion, representing an oversubscription rate of 77.81 times. 

"Additionally, 11.50 million shares made available for application by the eligible persons have been fully subscribed," it said in a statement with Bursa Malaysia today.

Bus Cap said TA Securities Holdings Bhd, the principal adviser, sponsor, underwriter and placement agent for the IPO, confirmed that the 76.67 million issue shares and 19.16 million offer shares by way of private placement to selected investors have been fully placed out.

The notices of allotment will be dispatched to all successful applicants by May 29, 2026, it added.

Bus Cap aims to raise RM24.69 million from the IPO to fund its new production facility and semi-automated fabrication lines. - Bernama