Do you know the Upper Limit for IPO First Day Trading may rise up to 400% (5 Times) ?
Look no further than IPOs in Malaysia, where you can get in on the ground floor of some of the most promising companies in the region.
But how do you apply for an IPO in Malaysia?
In this beginner’s guide, we’ll take you through the steps and show you how to secure your allocation today.
You can always check the IPO Summary at Bursa Malaysia Website.
Step 1: Owning a Direct CDS Account
In my previous blog post, <Step by Step: How to open a Direct CDS Account Online (Malaysia)> , I have shared the information on account opening steps, the benefit of owning a Direct CDS Account, the differences between Direct CDS and Nominee CDS Account, and etc.
After that you shall remember your 15-digit CDS Account Number.
If you’re registered under M+ Online (Malacca Securities Sdn Bhd), you may check your CDS Account number at the M+ Online Website > My Account > My Profile.
Your CDS Account Number shall start with : 012001XXXXXXXXX
Step 2: Apply IPO using own Online Banking Account
In this step, I will use CIMB Bank, Public Bank and Maybank Online Banking as examples.
Eg: Applying for OPPSTAR BERHAD.
1. Go to your MBB/CIMB/PBB online banking.
2. Follow the steps in the photos.
 Steps to use Maybank to Apply IPO. |
 Steps to use CIMB to Apply IPO. |
Step 3: Check IPO News & Results
You may check the some IPO Press Releases here.
1. Tricor – TIIH Online
2. Malaysian Issuing House – MIIH
Step 4: Check your Portfolio
If you’re lucky enough to get the IPO, you can see the IPO appears in your Portfolio during the listing day.
Do contact your Remisier/Broker if you have any issues.
Last but not least,
Investing in IPOs in Malaysia can be a smart way to diversify your portfolio and potentially earn significant returns. By following the steps outlined in this guide, you can apply for an IPO easily.
Three ways to apply for an IPO in Malaysia
Whichever channel you use, all applications go into the same ballot.
- Online banking (easiest). Most Malaysian banks, including Maybank, CIMB and Public Bank, have an IPO or eIPO section. Ask your bank about any charges.
- Your broker’s app. On M+ Global you can subscribe in-app under Trade > Bursa > IPO. See Bursa eIPO subscription on M+ Global.
- ATM (Electronic Share Application). At a participating bank’s ATM you need your ATM card, PIN, the IPO stock code and your CDS account number. Keep the printed slip.
- Paper White Application Form. The traditional form, available at financial institutions, stockbroking firms and issuing houses, submitted with a banker’s draft or payment slip to the issuing house.
Who can apply
- You need a CDS account. For online banking applications it must be a Direct CDS account in your own name.
- For online applications you must be a Malaysian aged 18 or above and living in Malaysia.
- Applications are usually for at least 100 shares, in multiples of 100.
- Only one application per IPO. Submitting multiple applications is an offence under the Capital Markets and Services Act 2007.
Read the prospectus first
Every IPO publishes a prospectus with the offer price, application period, size of the retail portion, minimum application and listing date, plus the company’s business, finances and risks. Apply only if you want to own the business at the offer price.
How balloting works, and why you might get nothing
The retail portion is usually a small slice of the offering. When demand exceeds supply, shares are allocated by ballot, not first come first served. Applying early does not improve your odds. In heavily oversubscribed IPOs, most applicants get a partial allotment or nothing, which is normal.
Some investors apply for a larger amount using M+ Global IPO financing to improve their odds, but that adds interest costs and risk.
Refunds and allotment
Application money is debited when you apply. If you are unsuccessful, it is refunded to the account it came from, typically within a few days of the ballot result. If you are successful, the shares are credited to your CDS account before listing day and appear in your portfolio.
Listing day is not a guaranteed payday
Many IPOs rise on debut, but some list below the offer price and leave early sellers with a loss. Performance depends on pricing, demand and market conditions on the day, none of which can be known in advance.
Looking for this year’s IPOs? See our Malaysia IPO 2026 list of upcoming and recent Bursa IPOs, with offer prices and listing dates.
Frequently Asked Questions
What do I need to apply for an IPO in Malaysia?
A CDS account (a Direct CDS account for online banking applications) and your 15-digit CDS account number, plus online banking, a broker app such as M+ Global, or an ATM card with a participating bank.
Where do I find my CDS account number on M+?
In your M+ account profile (My Account > My Profile). M+ CDS account numbers start with 012001.
Which banks can I use to apply for an IPO?
Most major Malaysian banks offer IPO applications through online banking, including Maybank, CIMB and Public Bank.
Can I submit more than one application for the same IPO?
No. You may make only one application per IPO; multiple applications are an offence under the Capital Markets and Services Act 2007.
Does applying early improve my chances?
No. The retail portion is balloted when it is oversubscribed, so the time you apply does not affect your odds.
What happens to my money if I don’t get the IPO?
It is refunded to the account it came from, typically within a few days of the ballot result.
How do I check if I got the IPO?
Check the issuing house announcement, such as Tricor (TIIH Online) or Malaysian Issuing House, or your broker app. Successful shares appear in your portfolio before listing.
Will the IPO share price rise on listing day?
Not necessarily. Many IPOs rise on debut but some list below the offer price.