Three ACE Market IPOs This Week: RT Pastry, Liftech, Eckem

What Does This Mean for Investors?

Bursa Malaysia’s ACE Market is seeing accelerated activity with three companies listing within four trading days. The combined market capitalisation of all three IPO listings will reach approximately RM227.36 million, signalling continued appetite for small-cap growth stories on the exchange.

Year-to-date, Bursa Malaysia has processed 31 IPOs across the Main Market and ACE Market combined. This week’s triple debut underscores strong capital formation activity for mid-tier Malaysian businesses seeking public funding.

RT Pastry Holdings: The Bakery Chain Breaking Into Public Markets

RT Pastry Holdings Bhd (KL:RT) will open listings on June 29 at 18 sen per share, valuing the company at RM61.03 million. The bakery operator is raising RM16.48 million in gross proceeds from 91.54 million shares, representing 25.2% of post-IPO equity.

Founder Lu Chun-Neng, a Taiwanese national, relocated to Malaysia in 2003 and launched the first outlet in Taman Danau Desa, Kuala Lumpur, with his wife’s family. Over two decades, RT Pastry has grown into a vertically integrated group handling manufacturing, distribution, and retail of bakery products across Malaysia.

The group operates 17 outlets nationally and plans aggressive expansion. Expansion plans include seven new outlets and one large-scale outlet by 2027, followed by another seven outlets and one large-scale outlet in the subsequent two years.

Use of IPO Proceeds: Where the RM16.48 Million Goes

New outlet openings will consume RM7.63 million (46%) of gross proceeds. Bank borrowing repayment accounts for RM3.82 million (23%), while machinery and equipment purchases will take RM895,000.

Listing expenses claim RM4.13 million (25%) of funds. The group is also scouting for a new industrial lot in Seri Kembangan, Selangor, to address storage constraints at its current facility.

RT Pastry previously sold its Balakong plant in 2025 for RM15.8 million, funds that will support the new industrial property acquisition alongside bank borrowings and internally generated cash flow.

Liftech Group: Largest Market Cap at RM91.33 Million

Liftech Group Bhd (KL:LIFTECH) debuts June 30 at 29 sen per share and carries the week’s heaviest market capitalisation at RM91.33 million. This customised industrial lifting and handling equipment manufacturer is raising the most capital among the three: RM23 million in gross proceeds.

Liftech will issue 79.23 million shares (25.2% of enlarged capital). An additional offer for sale of 15.8 million shares (5%) allows selling shareholders to pocket approximately RM4.6 million.

As a customised equipment manufacturer serving industrial clients, Liftech operates in a higher-margin segment than commodity producers, potentially supporting better profitability metrics relative to peers in the industrial equipment space.

Eckem Holdings: Industrial Chemicals Distributor Raising RM15 Million

Eckem Holdings Bhd (KL:ECKEM) completes the trio, listing July 3 at 12 sen per share with a market capitalisation of RM75 million. The industrial chemicals distributor is raising RM15 million from the public portion, offering 125 million shares (20% of enlarged capital).

An offer for sale of 62.5 million shares (10%) allows promoters to raise RM7.5 million for themselves, indicating founder confidence in the business through selective stake retention.

Chemical distribution is a defensive business segment with recurring revenue streams from manufacturing customers across automotive, electronics, and construction sectors.

Valuation Snapshot: Market Caps and Entry Prices

All three companies are pricing at modest entry points typical of ACE Market listings, where growth companies from Malaysia’s mid-tier manufacturing and services sectors make their debuts.

ACE Market Activity: IPO Pipeline Remains Robust

The three simultaneous debuts demonstrate sustained capital-raising demand on Bursa Malaysia’s growth-focused segment. ACE Market listings have traditionally served entrepreneurs and established mid-sized businesses requiring expansion capital without the higher compliance burden of the Main Market.

With 31 IPOs year-to-date across both markets, the pace indicates healthy liquidity for qualified new listings. This reflects ongoing confidence from institutional and retail investors in Malaysian growth stories, even amid market volatility in other segments.

Key Risks to Monitor for Investors

RT Pastry faces execution risk on its aggressive expansion roadmap. Adding 14 outlets across two years requires skilled management, supply-chain reliability, and consistent unit economics. Bakery retail is also labour-intensive and sensitive to food cost inflation.

Liftech operates in cyclical industrial equipment markets. Economic slowdowns in manufacturing reduce capital spending, pressuring demand for customised lifting solutions. Currency movements also affect competitiveness if it exports to regional markets.

Eckem’s chemical distribution depends on underlying industrial activity. Any significant slowdown in automotive, electronics, or construction sectors directly impacts distributor sales volumes and margins. Competition from larger chemical distributors is also a structural headwind.

All three companies face liquidity risk typical of ACE Market stocks, where trading volumes are significantly lower than Main Market peers. Entry and exit prices may widen during market stress.

How to Apply for These IPO Listings

Retail investors interested in the RT Pastry, Liftech, or Eckem IPOs can apply through their broking accounts. Consider using M+ Global with Invitation Code UBZQ for streamlined online IPO subscription.

Each IPO has its own subscription period and allotment timeline — check the prospectus for exact dates. For technical assistance or clarification on application procedures, reach out to your remisier or broker via WhatsApp at +60169059789.

First-time IPO applicants should review the guide to trading accounts in Malaysia to ensure they have the correct account type for equities trading.

What Should Retail Investors Watch After Listing?

Post-listing price movement will reveal institutional appetite. ACE Market stocks often experience volatility in the first weeks as speculative trading subsides and fundamental value reasserts itself. Track opening-day closing prices relative to IPO price — premiums of 10-20% are common, but dramatic gaps suggest overheating.

Monitor cash usage against stated plans. Companies that diverge from announced use-of-proceeds create red flags for governance and management credibility.

Watch for analyst coverage. Smaller ACE listings often lack research report depth, making them suitable only for investors comfortable with higher information asymmetry.

Quarterly results will be critical. Compare actual revenue, profit margins, and expansion pace against IPO forecasts to assess management execution capability.

Broader Context: Why This IPO Wave Matters

These three listings reflect Malaysia’s mid-market capital formation ecosystem in action. Unlike the Main Market, which attracts mega-cap privatisations and large-scale flotations, the ACE Market serves family businesses and regional manufacturers ready to professionalize and scale.

For Bursa Malaysia as a whole, sustained IPO activity signals healthy corporate fundraising. It demonstrates that growth-stage Malaysian businesses have viable public market access, reducing dependence on private equity or foreign buyers.

Retail investors should view ACE Market IPOs as long-term wealth-building vehicles rather than trading vehicles. The IPO investing approach with M+ Global emphasises holding quality businesses through multiple cycles, capturing both capital appreciation and eventual dividend yields as companies mature.

Key Takeaways

• Three ACE Market debuts this week: RT Pastry (June 29, 18 sen), Liftech (June 30, 29 sen), Eckem (July 3, 12 sen) with combined market cap of RM227.36 million.
• Liftech commands largest valuation at RM91.33 million and raises most capital (RM23 million), while RT Pastry targets aggressive expansion with 14 new outlets planned by 2029.
• Use of proceeds varies by company: RT Pastry favours retail expansion (46%), Liftech supports industrial equipment manufacturing, Eckem funds chemical distribution working capital.
• Year-to-date IPO count reaches 31 across Main Market and ACE Market, indicating robust capital formation activity on Bursa Malaysia.
• ACE Market liquidity and governance risks require due diligence; retail investors should monitor post-listing price action, quarterly results, and execution against prospectus forecasts before committing capital.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a buy or sell recommendation, or an offer to sell or a solicitation to buy any security. All IPO investments carry risk, including loss of capital. Past performance and prospectus forecasts do not guarantee future results. Retail investors must conduct their own research and consult a qualified financial advisor before making investment decisions. Bursa Malaysia listings are subject to regulatory approval, and IPO terms may change. The data presented reflects information available as of June 2026 and is subject to updates. Always review the complete prospectus and risk disclosure before investing.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.

Want to invest in Bursa Malaysia or US markets? Contact Dexter Chia, an AI Driven Remisier who has 2,200+ clients at Malacca Securities Sdn Bhd (M+ Online / M+ Global). M+ Global Invitation Code: UBZQ | WhatsApp: +60169059789 | Why Choose Dexter?