PustakaIPO

Learn: Bursa Malaysia IPOs

A short guide from application to listing, and how to read every number on this site.

What is an IPO?

An IPO (Initial Public Offering) is a company's first offer of shares to the public, before those shares start trading on Bursa Malaysia. The company issues a prospectus, an official document hundreds of pages long covering the business, the financials, the risks, and how the proceeds will be used. The prospectus and the official filings are always the authoritative source; this site only summarises.

The application flow: five dates that matter

Every "upcoming" card on this site shows a five-date ladder:

  1. Open: applications open. Retail applicants apply through their own CDS accounts.
  2. Close: applications close. No new applications are accepted after this.
  3. Ballot: the ballot is run by the issuing house, because applications usually exceed the shares on offer.
  4. Allot: allotment results are notified; unsuccessful applicants are refunded.
  5. List: the shares start trading on the ACE or Main board.

How to apply: two doors in

Every Bursa IPO opens through two channels, and their timing differs:

  1. MITI allocation (Bumiputera investors only): opens earlier. Register once at sahamonline.miti.gov.my, wait for registration approval (around 5 days), then apply for the IPOs available. There are four applicant categories, namely individuals, companies, cooperatives and foundations, and each has its own document checklist (CDS statement, 3-month bank statement, registration documents, a board resolution for entities). Results come out around 40 working days after applications close, announced on the same site, and the decision is final, with no appeal.
  2. Public offer (eIPO): for all investors, opens after the MITI window, usually 1 to 2 weeks before listing. Applications go through internet banking (Maybank2u, CIMB Clicks, Public Bank, Hong Leong Connect or RHB Now) with an RM1 processing fee, paid in full when applying and refunded if unsuccessful.

The rule that rejects the most applications: one CDS account qualifies for ONE eIPO application, on ONE platform only. Apply for the same IPO through two platforms and both applications are rejected.

Both doors need an active CDS account. Each account is opened through a broker and tied to that broker. The full document checklist for every MITI category, with the stories and context behind it, is in the book Jom Labur (Chapter 4); official eligibility always follows the MITI site.

For companies, cooperatives and foundations

The MITI allocation is not only for individuals. Sdn. Bhd. companies, cooperatives and foundations each have their own application category, with specific Bumiputera membership and ownership requirements, and a much heavier document list: bank statements, certified registration documents, and a board resolution specific to that share subscription.

That is why time is the real constraint for institutional applicants: board resolutions and document certification take weeks, while the application window lasts days. The "Lodged with SC" section and the Calendar on the front page exist for exactly that: IPOs appear in this library as early as the SC filing stage, before the window opens, giving a board time to prepare.

One more thing that belongs in the timing arithmetic: opening a CDS account for an entity (a company, cooperative or foundation) is still a manual process through a broker, with physical documents. There is no online form like an individual account. An institution without a CDS account should start that step first.

Oversubscription

A figure like "42.12x" means the applications received came to 42 times the shares offered to the public. High oversubscription signals high demand, but it is no guarantee of performance. The "Demand vs premium" section of Record cuts on the Statistics page tests the real relationship between demand and the day-one premium, IPO by IPO.

Reading our performance figures: SO, SC, H

The three performance columns on this site are all normalised returns against the IPO price:

SO and SC freeze after day one; only H moves with the current price. An empty cell means the value could not be verified from our sources. We leave it blank, we don't guess.

Base rates: why board medians matter

One IPO is a story; hundreds of IPOs are data. Every IPO's detail page shows the median, P25 and P75 day-one returns for its board (ACE or Main) across the whole database. That is the most honest context for judging any single IPO: how IPOs on that board usually behave, not how the single most popular one behaved. The base-rate method is taught in the book Jom Labur (Chapter 5); the "Record cuts" tab on the Statistics page is its living edition, recomputed over the full record every time the data changes.

Shariah and MITI markers

Shariah marks Shariah-compliant status from public disclosures at the time the data was collected; a sourced indicator, not a ruling, and status can change at periodic reviews. MITI marks a MITI-approved Bumiputera allocation tranche in the offer structure.

The AQSB audit: what is different on this site

For selected IPOs, the AQSB audit system reads the prospectus, verifies every figure with a deterministic calculation engine, and marks every claim with its verification status. An audit is a living artifact, updated across IPO stages (EXPOSURE → MITI → RETAIL → LISTED). Detail pages state the audit stage and its public sources; the audit working notes themselves are not published. Figures from pre-listing stages are always subject to change.

Where this data comes from

Listing performance comes from an internal database refreshed on a regular schedule from public sources, under one strict rule: a value that cannot be verified stays blank. Full details on the About page. Remember: everything on this site is reference information, not investment advice.