Oil and gas (O&G) services provider Elsa Bhd has received approval from Bursa Malaysia to proceed with its listing on the ACE Market, which is expected to take place in the second quarter of 2026.
In a statement on Thursday, the company said the proposed initial public offering (IPO) is aimed at strengthening its capabilities in oilfield services, robotics and digital solutions as it expands its role within the energy sector.
Managing director Daniel Ilham described the approval as a significant milestone for the group. “This approval marks an important step in Elsa’s corporate journey as we prepare to become a publicly listed company. It will provide us with a platform to further strengthen our presence as an integrated provider of O&G service solutions,” he said.
Elsa had earlier released its draft prospectus in October, outlining plans for 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 capitalisation have yet to be finalised.
According to the draft prospectus, Elsa offers oilfield support services across the entire field lifecycle, alongside digital infrastructure, engineering services and talent sourcing solutions. The company also holds a Petroliam Nasional Bhd (PETRONAS) licence and collaborates with international technology partners.
Proceeds from the IPO will mainly be used to expand its oilfield services and digital solutions segments. Part of the funds will also be allocated to enhance its robotics and inspection capabilities, including acquiring specialised equipment and technologies to improve asset inspection efficiency for upstream clients.
The remaining funds will be utilised as working capital to support the execution of contracts as the company’s project pipeline continues to grow.
Chairman Amiruddin Zain said the listing represents a key stage in Elsa’s development, enabling the company to capitalise on opportunities driven by the growing demand for automation and efficiency in the global energy sector.
“The move to the ACE Market marks a pivotal chapter in Elsa’s corporate evolution. As the energy industry increasingly focuses on efficiency and automation, this listing will provide the financial flexibility needed to capture these structural shifts,” he said.
Malacca Securities is serving as the principal adviser, sponsor, underwriter and placement agent for the IPO.
