BURSA Malaysia Bhd will place greater emphasis on the size and quality of initial public offerings (IPOs) in 2026, with market capitalisation rather than the number of listings set to become the exchange’s primary performance benchmark.
Chief executive officer Datuk Fad'l Mohamed said Bursa Malaysia is targeting total IPO market capitalisation of RM28 billion this year, up from RM27.4 billion achieved in 2025.
He said that while the number of IPOs remains relevant, the exchange’s key performance indicator for 2026 will be the overall value of companies coming to market.
“We continue to have a strong pipeline for 2026. However, the current focus for Bursa Malaysia is on the quality of IPOs, particularly larger ones.
“That said, the numbers remain important, as they enable companies to raise capital effectively.
“We continue to be a strong platform for companies to list, whether on our LEAP Market, ACE Market, or Main Market,” he said at a post-financial results press conference.
Fad'l noted that six IPOs have already been launched so far this year, signalling a positive trajectory for the months ahead.
While the ACE Market is expected to continue accounting for a larger share of listings, he said the exchange is keen to attract more sizeable companies to the Main Market.
“We will probably see a higher ratio of ACE Market companies still, but we want to also focus on the Main Market.
“Based on our current pipeline, we are seeing a very strong momentum in both Main Market and ACE market.
“Today, we’ve already had six IPOs so far this year and if you extrapolate that through to the end of the year, I think we should be on the right trajectory,” he said.
Market observers share a positive outlook. Deloitte Malaysia told Business Times on Wednesday that 50 prospectus exposures carried forward from the 2025 financial year are currently in progress, with more applications expected in the year ahead.
Deloitte Malaysia capital markets services partner Wong Kar Choon said the IPO market is expected to remain robust, supported by a healthy pipeline and sustained investor interest.
“Based on recent performance, the consumer, energy, and resources sectors are likely to remain key drivers, given their consistent post-listing resilience,” he said.
Bursa Malaysia data shows that the country recorded 60 IPOs in 2025, including a secondary listing by Singapore-based UMS Integrated Ltd, raising a total of RM5.95 billion. Of these, 11 were listed on the Main Market, 44 on the ACE Market and five on the LEAP Market.
Despite ongoing global headwinds, including geopolitical tensions and economic uncertainty, Fad'l said the domestic market remains on a positive trajectory.
He cited Malaysia’s growth projections of between 4.0 and 4.5 per cent this year and noted that the country has benefited from capital rotation into the Asean region, recording year-to-date net inflows of RM1.1 billion.
Clear policies and regulatory certainty, he added, continue to underpin investor confidence.
Fad'l also noted that some companies had postponed IPO plans in 2025 due to market volatility, but many returned to the pipeline in the second half of the year.
“Some of the pipelines that we’re seeing were actually companies that wanted to go for IPO last year but held back.
“Towards third quarter and fourth quarter, we saw that buildup again. It’s a natural buildup of the IPO pipeline,” he said. - January 30, 2026
