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Bursa · Asia

Bursa Malaysia

Listing requirements, segments and the practical points that matter for a company from the CIS, Central Asia or the Gulf.

Data checked: 6 November 2026Data is being verified. Figures may be incomplete.
Location
Kuala Lumpur, Malaysia
Regulator
Securities Commission Malaysia (SC)
Trading currency
MYR
Indicative timeline
Not specified

Listing segments

Main Market

Minimum market capitalisation
USD 114m
Minimum free float
25%
Track record
1 year
Profit required
No
Minimum shareholders
1,000
Lock-up
6 months

SC Equity Guidelines (R8-2026, effective 3 Jun 2026), para 5.02, one of: (a) profit test - aggregate after-tax profit at least RM30m over the latest 3 full financial years and at least RM15m in the latest year, audited, same core business over the period; (b) market cap test - at least RM500m (approx. USD 114m) at the IPO price, with operating revenue for at least the latest full financial year; (c) infrastructure project corporation test - project costs at least RM500m. Moratorium (para 5.29): specified shareholders may not sell any holdings for 6 months from listing under (a) and (b). Public spread of 25% and at least 1,000 public shareholders holding at least 100 shares each is set by the Bursa Main Market Listing Requirements (taken from secondary sources; Bursa website returned HTTP 403). Minimum IPO price RM0.50.

ACE Market

Minimum market capitalisation
Not specified
Minimum free float
25%
Track record
Not specified
Profit required
No
Minimum shareholders
200
Lock-up
12 months

Sponsor-driven market with no minimum profit, market cap or track record test; the sponsor assesses suitability and must stay for at least 3 full financial years after listing. Public spread 25% with at least 200 public shareholders (secondary sources). Moratorium (ACE LR Rule 3.19): specified shareholders locked for 6 months, then 45% of their shares stay locked until the 12th month; since 3 Jun 2026 exemptions from sponsorship and moratorium were removed and a minimum public balloting allocation was introduced (5% if enlarged capital below RM200m, 2% if RM200m or more). Transfer to the Main Market requires at least 2 full financial years on ACE. Bursa also runs the LEAP Market for sophisticated investors only.

Foreign issuers

Foreign corporations may list if incorporated in a jurisdiction with corporate governance, minority protection and takeover standards at least equivalent to Malaysia (or the constitution is varied to provide them), must register as a foreign company in Malaysia; secondary listing is also available (SC Equity Guidelines paras 5.38-5.50). Since 3 Jun 2026 secondary listing applicants need at least two Malaysia-resident directors.

Recent changes

Market segmentation review (SC consultation paper 4/2025) implemented by revised SC Equity Guidelines dated 28 May 2026 and amended Bursa Main and ACE Listing Requirements, effective 3 Jun 2026: profit test changed from RM20m aggregate over 3-5 years of uninterrupted profit with RM6m in the latest year to RM30m over 3 years with RM15m in the latest year (uninterrupted profit requirement removed); operating cash flow no longer a strict requirement; ACE reinforced as sponsor-driven, exemptions from sponsorship and moratorium removed, minimum 2 years on ACE before transfer to Main Market.

Strengths

  • Non-profit route via RM500m market cap for larger companies
  • ACE Market gives a sponsor-led route without financial thresholds for growth companies
  • Infrastructure route for project companies

Watch-outs

  • Main Market profit test tightened in June 2026 to RM30m over 3 years and RM15m in the latest year
  • Modified audit opinions or going concern uncertainty now disqualify applicants

Sources

  1. 01Securities Commission Malaysia - Equity Guidelines SC-GL/EG-2009 (R8-2026), revised 28 May 2026primary source
  2. 02Bursa Malaysia listing criteria (not accessible in this run, HTTP 403)primary source
  3. 03Skrine: Amendments to Bursa Malaysia's MAIN Market and ACE Market Listing Requirements (June 2026)
  4. 04Cheang & Ariff: Key amendments to the SC Equity Guidelines dated 28 May 2026
  5. 05The Star: SC revises equity guidelines effective June 3 (29 May 2026)

Requirements change. Always confirm with the exchange and the regulator before making decisions.

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Information on this site is educational. It is not investment advice, an offer of securities or financial advice. Exchange requirements change; always check the primary sources. Full disclaimer