Elsa Berhad, a Kuala Lumpur-based oilfield services firm, opened its initial public offering (IPO) on the ACE Market on May 21, 2026, priced at 23 sen per share to raise RM35.6 million. The funds include RM27.23 million from new shares and RM8.37 million from existing shareholders selling shares, with the IPO application closing on June 3, 2026 [1, 2, 3].

Elsa plans to list on the ACE Market on June 16, 2026, at which point its market capitalization will reach about RM124 million [1, 2, 3]. The company offers services spanning geoscience, petroleum engineering, production optimization, digital infrastructure, robotics, human resources, and drone inspections [1, 2, 3].

As of mid-May, Elsa had 140 ongoing projects with a remaining contract value of RM636 million and firm order value of RM265 million. Its revenue remains heavily reliant on PETRONAS, which contributed close to 40% of last year’s revenue [1, 2, 3].

More than 60% of the IPO proceeds will fund consultant fees for oilfield and digital projects. Another 16.2% will support expansion of its robotics division. The remainder will cover working capital and listing costs [1, 2, 3].

Elsa is known for Asia’s first underwater autonomous vehicle (AUV) drone inspection project completed in 2025, a breakthrough that improved sea pipeline inspection efficiency. Daniel Ilham Khong, CEO, said their new underwater drone can travel about 10 kilometers on the seabed before surfacing to recharge, greatly boosting inspection speed compared to traditional remotely operated vehicles (ROVs) that are costly and time-consuming [3].

He added, "Last year we completed about 150 kilometers of pilot inspections, and this year we expect to reach 1,000 kilometers. The market potential remains large," noting Malaysia’s 400 to 500 offshore platforms present further opportunities [3]. He also said their drones carry sensors for ESG monitoring such as greenhouse gas detection, not just cameras [3].

Elsa reported a net profit of RM10.76 million in FY2025, with a price-to-earnings ratio of 11.5 based on the IPO valuation. The profit was affected by a one-time tax adjustment after the tax authorities required revenue recognition upfront for an IT equipment supply contract, but CEO Khong said pre-tax profits show steady growth [3].

The IPO will offer 26.92 million new shares to the public, with 10.768 million shares reserved for directors, employees, and contributors. Another 80.712 million shares will be sold via private placement. Existing shareholders will sell 36.4 million shares to raise about RM8.37 million [3].

Malacca Securities acts as principal adviser, sponsor, underwriter, and placement agent for the IPO [1, 2, 3].

Following the June 3 subscription close, a stock lottery drawing will occur on June 5. Share allocations to successful applicants will be announced June 12, ahead of the public listing on June 16 [3].