KUALA LUMPUR (March 12): Oil and gas (O&G) services provider Elsa Bhd’s plans to list on the ACE Market of Bursa Malaysia has been approved by Bursa Malaysia, with it likely to happen in the second quarter of 2026.
In a statement on Thursday, the group announced that it is seeking to strengthen its capabilities in oilfield services, robotics and digital solutions as part of its proposed initial public offering (IPO).
“The approval represents a significant milestone in the group’s corporate journey as Elsa prepares to become a publicly listed company, providing the platform to further strengthen our presence as an integrated provider of O&G service solutions,” said managing director Daniel Ilham.
Elsa released its draft prospectus in October last year, whereby the company will see a public issuance of 118.4 million new shares and an offer for sale of 36.4 million existing shares by major shareholders.
The IPO price and market value have yet to be determined.
Elsa provides oilfield support services throughout the entire field lifecycle, along with digital infrastructure, talent sourcing and engineering solutions, according to its draft prospectus. It also holds a Petroliam Nasional Bhd (PETRONAS) licence and works with international technology partners.
Elsa said proceeds from the initial public offering will primarily be used to expand its oilfield service and digital solution segments, with a portion also allocated to enhance its robotics and inspection capabilities, including the acquisition of specialised equipment and technology to support more efficient asset inspection for upstream clients.
The remaining funds will be set aside for working capital to support contract execution as its project pipeline grows.
Elsa chairman Amiruddin Zain said the listing marks a key milestone in the company’s development as it positions itself to capture opportunities arising from increased automation and efficiency demands in the global energy sector.
“The transition to the ACE Market marks a pivotal evolution in Elsa’s corporate history. As the global energy sector increasingly prioritises efficiency and automation, this listing equips us with the financial agility to capture these structural shifts,” he said.
Malacca Securities is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO.