Kuala lumpur: Oil and gas integrated service provider Elsa Bhd has received approval from Bursa Malaysia Securities Bhd to list on the ACE Market of Bursa Malaysia. The listing is targeted for the second quarter of 2026 (2Q 2026).

According to BERNAMA News Agency, the approval marks a notable milestone in Elsa's corporate journey as the company prepares to become a publicly listed entity. This move is expected to provide a platform for the group to strengthen its presence as an integrated provider of oil and gas service solutions. Elsa's managing director, Daniel Ilham, emphasized the strategic importance of this development in a statement.

Elsa has outlined the structure of the exercise, which includes a public issue of 118.4 million new shares and an offer for sale of 36.4 million existing shares. The proceeds from the initial public offering (IPO) are earmarked to drive the expansion of the company's robotics and inspection capabilities and to bolster its technical workforce.

The company detailed that the IPO proceeds will be allocated across three primary areas. The largest portion is dedicated to the expansion of Elsa's oilfield service and digital solution segments. A significant allocation is also reserved to enhance its robotics and inspection capabilities, which involves acquiring specialized equipment and technology to enable more efficient asset inspection for upstream clients. The remaining funds will provide working capital to support contract execution as the company's project pipeline grows.

Malacca Securities Sdn Bhd is serving as the principal adviser, sponsor, underwriter, and placement agent for Elsa's proposed listing exercise.