Bus Cap Bhd made a strong debut on the ACE Market of Bursa Malaysia, opening at 26 sen, representing a 3 sen or 13.04% premium to its initial public offering (IPO) price of 23 sen.
The bus manufacturer traded between 26 sen and 26.5 sen in early dealings, with more than 91 million shares changing hands shortly after the market opened, making it among the most actively traded counters on Bursa Malaysia.
Based on its opening price, Bus Cap’s market capitalisation rose to approximately RM99.68 million, compared with RM88.18 million at its IPO price.
The strong debut came after the group’s IPO was oversubscribed by 72.24 times for the Malaysian public portion. Bus Cap received 9,992 applications for 1.40 billion shares against the 19.17 million shares offered to retail investors.
The Johor-based company raised RM24.69 million from its listing exercise, with RM9.10 million earmarked for the construction of a new factory, RM5.03 million for machinery purchases, RM6.16 million for working capital and the remainder for listing expenses.
Bernard Ng Chong Yan, Executive Director of Bus Cap, commented on the market debut, “Today’s listing marks a proud milestone for Bus Cap. Our journey began in Ipoh in 1968, and we are honoured to bring this 58-year Malaysian bus-building story to the public market.
“The exceptional response to our IPO reflects investors’ confidence in our fundamentals. More importantly, this listing gives us the capital to scale our business strategically. By investing in our new factory and semi-automated bus body fabrication lines, we are building a more efficient production base to meet the strict fleet modernisation requirements of operators across Malaysia and Singapore.”
Bus Cap, which manufactures buses through its subsidiary Sin Hock Leong Coach Works Sdn Bhd, delivered 131 buses in financial year 2025 and recorded revenue of RM88.08 million with profit after tax of RM9.81 million.
In its latest quarterly results ahead of listing, the group posted a profit after tax of RM2.53 million on revenue of RM19.28 million for the first quarter ended March 31, 2026.
RHB Investment Bank had previously assigned a fair value of 38 sen to the stock, implying a potential upside of 66% from its IPO price, citing growing demand driven by tourism recovery, cross-border travel and recurring fleet replacement needs.
Source Link: https://www.businesstoday.com.my/2026/06/03/bus-cap-rallies-on-listing-day-opening-13-above-ipo-price/
