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.
Daniel Ilham Khong, Managing Director of Elsa Bhd, commented on the market debut, “Today’s listing equips Elsa with the capital to accelerate our technological expansion within the OGSE sector. While traditional oilfield services remain our foundation, we are aggressively scaling our digital and robotics-enabled solutions to capture high-margin opportunities in subsea inspection and asset integrity.
“Malaysia operates an extensive subsea pipeline network requiring constant, data-driven inspection. With our proven Autonomous Underwater Vehicle (AUV) deployment track record and our asset-light partner model, Elsa is perfectly positioned to capture this demand and deliver safer, highly efficient solutions to energy operators.”
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.
