KUALA LUMPUR (Oct 2): Oil and gas (O&G) services provider Elsa Bhd is planning to list on Bursa Malaysia’s ACE Market to raise funds to expand its oilfield services and robotics division.

In a draft prospectus filed with Bursa Malaysia, the company said its initial public offering (IPO) will see an issuance of 118.4 million new shares, 21.99% of its enlarged share capital, and an offer for sale of 36.4 million existing shares by major shareholders.

Proceeds from the IPO will be used to support business growth, including hiring consultants for oilfield and digital projects, expanding its robotics division with drone acquisitions, and building in-house capabilities for subsea pipeline inspections using autonomous underwater vehicle (AUV) technology. This includes hiring nine technical staff and subscribing to asset integrity software to support the deployment of Rovula’s Xplorer AUV.

Elsa offers oilfield support services across the field lifecycle, along with digital infrastructure, talent sourcing, and engineering solutions. In the financial year 2024, the company posted a net profit of RM10.5 million on RM222.88 million revenue, with over a third of its earnings from the Petronas Group. The company holds a Petronas licence and works with global technology partners.

Elsa’s promoters include founder and managing director Daniel Ilham Khong (15%), his vehicle Sparkle Success Sdn Bhd (30%), his wife Nurul Syakinah Abdul Rafar, head of digital, robotics and engineering, and talent solutions Chow Sheng Jon (10%), and executive chairman Amiruddin Mohd Zain (5%). 

As part of the IPO, 36.4 million existing shares will be sold by Daniel, Chow, and Amiruddin. This will reduce Daniel's stake to 7.8% and Chow's to 5.76%, while Amiruddin will no longer be a substantial shareholder with a 3.08% stake.

Keretapi Tanah Melayu Bhd chairman Datuk Ahmad Redza Abdullah holds a 20% indirect stake via his private vehicle Prestasi Emas Sdn Bhd.