ECOSYS EcoSys (Malaysia) Berhad

ACE Shariah MITI

Listed 14 Oct 2026 · Adviser: M & A Securities Sdn Bhd

Key figures

IPO price: RM 0.27
Day 1 open: RM 0.70
Day 1 close: RM 0.80
Current price: RM 0.785
Day 1 open %: +159.3%
Day 1 close %: +196.3%
Since listing: +190.7%
Oversubscription: 206.70x
Market cap: RM 154.3 M

Four recorded prices. Spacing between points is not a time scale; the dashed line is the IPO price.

Offer structure

Tranche	Shares	%
Bumiputera public investors	14.284 M	2.5%
Non-Bumiputera public investors	14.284 M	2.5%
Pink Form Allocations	11.428 M	2%
Private placement to Bumiputera investors approved by MITI	71.42 M	12.5%
Private placement to selected investors	34.28 M	6%

Source: company prospectus, PDF page 37.

Use of proceeds (from the prospectus)

Item	RM'000	%
Expansion of abatement segment through the purchase of key components and modules of abatement systems	17,000	43.2%
Repayment of bank borrowings	8,000	20.3%
Enhancement of operational capabilities through the purchase of machines and expansion of team	4,932	12.6%
Working capital	2,362	6.0%
Estimated listing expenses	5,500	14.0%

Source: company prospectus, PDF page 54.

Financials (from the prospectus)

FY	Revenue (RM'000)	PATAMI (RM'000)	Margin	EPS (sen)
FYE 31 Disember 2024	88,814	9,243	10.41%

Source: company prospectus, checked by the AQSB audit system (FYE 31 Disember 2024).

Board context: ACE

Across 217 ACE IPOs in the database: median day-1 close +13.5% (P25 +0.0%, P75 +45.7%), median since-listing -8.0%. 71.0% closed day 1 above their IPO price.

This IPO's day-1 close of +196.3% sits at P98 of its board · This IPO's since-listing of +190.7% sits at P92 of its board

Board peers: ACE

Symbol	Listed	IPO price	Day 1 close	Since listing	Market cap
SINKUNG	15 May 2024	RM 0.13	+7.7%	-19.2%	RM 156.0 M
MFGROUP	06 May 2026	RM 0.38	-1.3%	-25.0%	RM 152.0 M
SLG	06 Oct 2026	RM 0.28	-10.7%	-10.7%	RM 156.8 M
AGX	07 Feb 2024	RM 0.35	+2.9%	+28.6%	RM 151.5 M
CLITE	26 Mar 2025	RM 0.25	-8.0%	-4.0%	RM 150.0 M
KUCINGKO [NS]	26 Jul 2024	RM 0.30	+90.0%	-70.0%	RM 150.0 M
ICTZONE	03 Jun 2025	RM 0.20	+0.0%	-20.0%	RM 159.1 M
TTVHB	18 Jan 2023	RM 0.34	+276.5%	-38.2%	RM 159.1 M

Audit

This IPO was audited by the AQSB audit system · 04 Jul 2026: issuance figures were checked with a deterministic calculation engine, and prospectus claims were marked with their verification status. The audit working notes are not published here. Not investment advice.

Audit stage: MITI · data as of 2026-07-04. This audit is from a pre-listing stage; figures are subject to change as the IPO advances.