KUALA LUMPUR: Bus Cap Bhd, a bus builder with over five decades of market presence, has signed an underwriting agreement with TA Securities Holdings Bhd for its initial public offering (IPO) and listing on the ACE Market of Bursa Malaysia.
TA Securities has been appointed as the principal adviser, sponsor, underwriter, and placement agent for the IPO exercise.
This agreement marks a critical step forward, officially advancing Bus Cap towards its prospectus launch and subsequent market debut.
The IPO comprises 107.34 million new ordinary shares, representing about 28% of the enlarged issued share capital, and 19.16 million shares, representing about 5%, bringing Bus Cap’s total issued shares to 383.38 million upon completion.
Of the new shares, 19.16 million will be made available to the Malaysian public, 11.5 million will be allocated to eligible directors, employees, and contributors to Bus Cap and subsidiaries, and 76.67 million will be placed out to selected investors, while TA Securities will underwrite 30.67 million shares offered to the Malaysian public and eligible persons under the underwriting agreement.
Bus Cap executive director Bernard Ng Chong Yan said the signing of this underwriting agreement with TA Securities marks a significant milestone in the group’s IPO journey.
“With the underwriting structure now firmly in place, we are fully focused on preparing for the prospectus launch while laying the groundwork for our operational expansion.
“As the commercial transport sector continues to modernise across Malaysia and Singapore, our transition to the public markets will unlock greater capital flexibility, enabling us to accelerate production capacity, enhance operational efficiency, and meet the growing demand for higher-capacity fleets,” he said.
Bus Cap designs and manufactures bus bodies, assembles bus bodies with chassis sourced from principals, installs fittings and accessories to form fully built-up buses, and provides repair and maintenance services.
The group has established a strong presence in Malaysia’s bus-building industry serving bus operators, travel companies, and government agencies, while successfully expanding its footprint into the Singapore market.
The IPO is expected to directly support Bus Cap’s next phase of structural growth.
Key expansion initiatives include the construction of a new production facility, strategic investments in semi-automated fabrication technologies to drive operational productivity, and strengthening working capital to fulfil an expanding order book.
