KUALA LUMPUR (June 5): Elsa Bhd announced that its initial public offering (IPO) has been oversubscribed by 26.92 times, ahead of its ACE Market debut on June 16, 2026.
In a bourse filing on Friday, the oilfield services provider said it received applications totalling 751.63 million shares valued at RM172.87 million.
The Bumiputera portion was oversubscribed by 19.55 times, while the remaining public portion recorded an oversubscription rate of 34.29 times.
Shares allocated to eligible persons were fully subscribed, says Elsa. The private placement portion was also fully taken up.
Elsa is an asset-light, specialised solutions provider for oilfield services, including geoscience, petroleum engineering, and production optimisation. Its services also cover providing solutions for human resources, digital infrastructure, and robotics.
The IPO comprises 118.4 million new shares and an offer for sale of 36.4 million existing shares, and is priced at 23 sen apiece.
The group is looking to raise about RM27.23 million from the public issue, of which over 60% of the IPO funds will be used to fund consultant-related expenses tied to Elsa’s oilfield and digital solutions portfolio, which includes existing and future projects.
It is also allocating 16.2% of the proceeds to expanding its robotics division while the remainder will be used for working capital and to defray listing-related expenses.
The RM8.37 million raised from the offer for sale portion will accrue to Elsa managing director Daniel Ilham Khong; its head of digital, robotics and engineering, and talent solutions department Chow Sheng Jon; and chairman Amiruddin Mohd Zain.
As at mid-May, Elsa has 140 ongoing projects, with an estimated remaining contract value of RM636 million and a remaining firm order value of RM265 million. The company is highly dependent on national oil and gas company PETRONAS, which accounted for nearly 40% of its revenue last year.
Malacca Securities is the principal adviser, sponsor, underwriter, and placement agent for the IPO.