ELSA Bhd made a firm debut on Bursa Malaysia’s ACE Market, opening at 25 sen, an 8.7% premium to its initial public offering (IPO) price of 23 sen.
The oil and gas services and equipment provider, listed under stock code 0458, traded as high as 26.5 sen in early trade before easing to 25 sen as at 9.01am. About 139.8 million shares changed hands, making it among the most actively traded counters on Bursa Malaysia.
ELSA’s market debut comes after its IPO was oversubscribed by 26.9 times, with applications worth RM172.9 million received from the Malaysian public.
The listing follows positive assessments from research houses, with both Berjaya Research and Rakuten Trade assigning fair values of 33 sen, implying a potential upside of around 43% from the IPO price.
Berjaya Research cited ELSA’s RM265.4 million orderbook, 140 ongoing projects and expanding robotics and engineering solutions segment as key strengths, while Rakuten Trade highlighted the group’s push into automation, digitalisation and autonomous underwater vehicle capabilities as future growth drivers.
ELSA reported a profit after tax of RM1.4 million for the first quarter ended March 31, 2026 on revenue of RM46.6 million. The group maintained a net cash position and generated RM5.3 million in operating cash flow during the quarter.
The company plans to utilise IPO proceeds to strengthen its oilfield services, enhance its digital solutions offerings and expand its robotics capabilities, including the acquisition of additional drones and development of in-house autonomous underwater vehicle technology.
ELSA currently holds 269 PETRONAS SWEC licences and works with 27 multinational technology partners, positioning itself to tap growing demand for technology-driven solutions within the oil and gas industry.
