RNG Tech Bhd, the operator of the “Rest N Go” vending massage chair network, is seeking to raise RM16.4 million from its IPO listing exercise on the ACE Market of Bursa Malaysia Securities Bhd.
The company’s IPO entails the issuance of 126.1 million new shares, representing 16% of the company’s enlarged share capital, as well as an offer for sale of 78.8 million existing shares, equivalent to 10% of the enlarged share capital.
Of the 126.1 million new shares, 39.4 million will be made available to the Malaysian public via balloting, while 11.8 million shares are reserved for eligible individuals. The remaining 74.9 million shares will be placed out to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
For the offer-for-sale portion, 23.6 million shares will be allocated to selected Bumiputera investors approved by MITI, while the remaining 55.2 million shares will be placed out to selected investors.
According to its Managing Director Datin Sophia Tan Sok Fei, the company plans to utilise RM4.9 million, or 29.9% of the IPO proceeds, to establish new Rest N Go stations and premium outlets, RM2.2 million (13.3%) to refurbish and upgrade existing stations and outlets, while RM1 million (6.1%) has been earmarked for marketing activities.
“We are also allocating RM3 million (18.3%) for repayment of borrowings, RM1.1 million (6.8%) for working capital requirements and RM4.2 million (25.6%) to cover listing expenses,” she said.
She shared that the company currently operates 5,611 vending massage chairs across Malaysia, Singapore, Thailand, Cambodia and Brunei, with a further 2,458 chairs deployed in Vietnam and the Philippines under licensing arrangements.
M&A Securities Sdn Bhd is the advisor, sponsor, underwriter and placement agent for the IPO exercise, with RNG Tech scheduled to be listed on the ACE Market on July 7, 2026.
