KUALA LUMPUR: Listed on the ACE Market of Bursa Malaysia today, Elsa Bhd, an integrated oil and gas services and equipment (OGSE) solutions provider, aims to secure several contracts by the end of this year.
Head of Digital Robotics, Engineering and Talent Solutions Department Chow Sheng Jon said looking ahead over the next 12 to 34 months, the group is optimistic about securing the necessary approvals to announce several contracts, particularly those related to the non-oil and gas segment rather than the oil and gas industry.
“In line with our growth strategy and prospective launches, we will continue to expand our digital and robotics businesses, which are key pillars of our long-term vision and strategic direction.
“We will monitor developments closely and, subject to finalisation, hope to announce positive news on new contract awards in the near future,” he told reporters after the listing event yesterday.
Chow said when looking at Malaysia’s oil and gas landscape, both the country and Petroliam Nasional Bhd (Petronas) have long been recognised as leaders in the regional energy sector.
He said Malaysia’s gas market is highly regarded internationally, and Petronas is respected globally for its capabilities and achievements.
“Our technology solutions are closely aligned with Petronas’ objectives of advancing technology while improving operational efficiency and optimising costs. This is a model that we hope to replicate in neighbouring countries over time.
“We are excited about the opportunity to pilot more robotics and digital projects in Malaysia. Expanding these initiatives beyond Malaysia will not be without challenges, but we believe it is achievable,” he said.
Chow said that, looking at Elsa’s track record over the years, growth has been very strong.
He said that in some years the group has nearly doubled its business, reflecting its ambition and commitment to capturing new opportunities.
“While we are well known for our involvement in the oil and gas sector, it is important to note that our business comprises two additional growth segments: digital and robotics. These segments provide opportunities beyond the oil and gas industry,” he said.
“We are therefore very encouraged by the growth potential for both our digital and robotics businesses beyond the oil and gas industry.”
Elsa’s debut on Bursa Malaysia’s ACE Market marks a strategic milestone for the group as it scales its digital and robotics capabilities to meet rising demand for advanced asset inspection.
The group’s shares opened at RM0.25, marking an 8.70% premium to its initial public offering (IPO) price of RM0.23 per share.
Based on its enlarged issued share capital of 538.4 million shares, Elsa possesses a market capitalisation of approximately RM134.60 million upon listing.
The listing follows a highly successful IPO exercise that saw the Malaysian public portion oversubscribed by 27 times, reflecting strong market appetite for the group’s asset-light business model and technological pivot.
Managing director Daniel Ilham Khong said the listing equips Elsa with the capital to accelerate its technological expansion within the OGSE sector.
“While traditional oilfield services remain our foundation, we are aggressively scaling our digital and robotics-enabled solutions to capture high-margin opportunities in subsea inspection and asset integrity.
“Malaysia operates an extensive subsea pipeline network requiring constant, data-driven inspection. With our proven autonomous underwater vehicle (AUV) deployment track record and our asset-light partner model, Elsa is perfectly positioned to capture this demand and deliver safer, highly efficient solutions to energy operators,” he said after the listing event.
Operating primarily as a main contractor and project integrator, Elsa will deploy the RM27.23 million raised to scale its operational capacity.
A major allocation of RM16.38 million is earmarked for consultant-related expenses to drive the oilfield and digital solutions segments.
To accelerate its robotics build-out, RM3.00 million will fund the internal development of AUV management capabilities, while RM1.40 million will be allocated to procure eight advanced drones—including AI-autonomous and confined-space units—to handle complex structural and greenhouse-gas inspections.
The remaining proceeds will be utilised for working capital and estimated listing expenses.
The robotics and engineering segment represents a major growth catalyst for the group.
In FY25, segment revenue surged 235.4% to RM26.0 million while delivering a group-leading gross profit margin of 23.02%.
The group has already successfully deployed AUV technology to inspect over 215 kilometres of subsea gas pipelines for major operators, directly targeting Malaysia’s estimated 12,000 kilometres of subsea infrastructure.
Elsa enters the public market with a massive revenue pipeline supported by its 269 Petronas Standardised Work and Equipment Categories (SWEC) licences.
As at the latest practicable date, the group holds 140 ongoing projects with an estimated remaining contract value of RM636.03 million and a firm order value of RM265.45 million.
The group is also actively bidding to replenish its pipeline with 157 pending tenders valued at RM655.47 million.
Malacca Securities Sdn Bhd served as the principal adviser, sponsor, underwriter, and placement agent for the IPO exercise.