KUALA LUMPUR (Aug 19): Aviation maintenance, repair and overhaul (MRO) services provider GTA Holdings Bhd has launched its initial public offering (IPO) at 35 sen per share, which will raise RM71.75 million for expansion and working capital.
The IPO comprises a public issue of 205 million new shares and an offer for sale of 124 million existing shares. GTA is expected to have a market capitalisation of RM451.97 million upon its listing on Bursa Malaysia’s ACE Market.
Of the proceeds raised from the public issue, RM25 million or 34.84% will be used to establish a new operating facility, while RM10 million has been earmarked to expand the group’s helicopter MRO activities in the Middle East.
Another RM5.9 million will be used to expand into MRO services for landing gear, wheels and brakes, while RM24.15 million will go towards working capital. The remaining RM6.7 million will be used to defray listing expenses.
Meanwhile, the offer for sale of 124 million existing shares will raise RM43.4 million for the selling shareholders.
Managing director and chief executive officer Datuk Nonee Ashirin Mohammed Radzi is selling 43 million shares under the exercise, which will reduce her stake in GTA to 39.57% from 51% before the IPO.
Ludev Capital will sell 61 million shares, leaving it with a 19.67% stake after the listing, while Brands Connect and non-independent non-executive director Syed Abdul Rahman Syed Mohamad are selling five million and 15 million shares respectively.
Based in Selangor, GTA mainly provides MRO services for both helicopters and fixed-wing engines. The company also sells aviation equipment, including new engines, engine modules and parts.
The IPO price values GTA at about 11.18 times its earnings for the financial year ended Dec 31, 2025 (FY2025), based on earnings per share of 3.13 sen.
For FY2025, GTA’s net profit rose to RM40.45 million from RM36.61 million a year earlier, while revenue increased to RM331.78 million from RM236.65 million.
For the four months ended April 30, 2026, it posted net profit of RM12.53 million on revenue of RM103.63 million.
Applications for the IPO will close at 5pm on Aug 26, with GTA scheduled to list on the ACE Market on Sept 8.
Hong Leong Investment Bank Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO.