SC APPROVES 21 EQUITY APPLICATIONS IN 2024 WITH TOTAL MARKET CAPITALISATION OF RM21.39 BLN

KUALA LUMPUR, March 20 (Bernama) -- The Securities Commission Malaysia (SC) approved 21 equity applications, including 10 initial public offerings (IPOs), on the Main Market of Bursa Malaysia with a total market capitalisation of RM21.39 billion in 2024.

The SC said that these IPOs raised an estimated RM4.70 billion.

“The remaining applications approved include one proposed acquisition resulting in a significant change of business direction or policy and 10 transfers of listing from the ACE Market to the Main Market,” it reported in its Annual Report 2024 released today.

The SC said Malaysia’s equity market recorded significant activity in 2024, with 55 IPOs, the highest since 2005, representing a substantial increase compared to 32 IPOs in 2023 and 35 in 2022.

“Among the particularly noteworthy IPOs were 99 Speed Mart Retail Holdings Bhd and Johor Plantations Group Bhd, highlighting the growing confidence in Malaysia’s equity market and its capacity to attract large-scale companies. 

“The strong performance in 2024 reaffirms Malaysia’s role as a key player in driving equity growth and attracting investments in the region,” it added.

The SC reported that out of 55 new listings in 2024 with a total market capitalisation of RM31.37 billion, 11 were on the Main Market, 40 on the ACE Market, and the remaining four were on the LEAP Market.

“The total amount of funds raised from these new listings in 2024 was approximately RM7.42 billion,” it said.

Meanwhile, regarding corporate bonds and sukuk, the SC said the number of lodgements remained stable, with 87 corporate bonds and sukuk lodgements made compared to 64 lodgements in 2023.

It said total issuances of RM124.15 billion Malaysian corporate bonds and sukuk market reported in 2024, representing a 4.92 per cent increase from RM118.33 billion issued in 2023.

“Ringgit-denominated corporate bonds and sukuk issues continued to form the majority of the proposals approved by/lodged with the SC with a total nominal value of RM165.89 billion, of which 69.68 per cent or RM115.59 billion were sukuk,” it said.

The SC said credit rating agencies assigned 56 ratings to ringgit-denominated corporate bonds and sukuk issues lodged with the SC in 2024 compared to 40 ratings in 2023. 

“The number of unrated issues has increased by 21.43 per cent as compared to 2023, and there was one foreign currency-denominated sukuk lodged with the SC in 2024,” it added.

-- BERNAMA