FUNDING ESCALATOR FOR THE PUBLIC MARKET
The Funding Escalator provides a clear, structured pathway designed to transition businesses from early-stage private funding to a public listing.
ECF (Micro & Small):
Kickstart growth by raising capital through ECF.
LEAP Market (Small & Medium):
Build track record as a public entity.
ACE Market (Growth-Stage):
Accelerate expansion on a sponsor-driven platform.
MAIN Market:
Achieve premier status as an established, large-scale enterprise.
Bursa Malaysia is licensed by the SC to operate the following securities markets:
- LEAP Market:
For emerging companies, including micro, small and medium-sized companies.
- ACE Market:
Market for small and mid-sized corporations, serving as a stepping-stone to the MAIN Market.
- MAIN Market:
Premier market for larger, more established corporations.
The list of advisers / sponsors can be accessed here.
A qualified market with two admission pathways:
Under the alternative pathway, it allows eligible ECF issuer to submit the listing application directly and engage a Listing Agent i.e. ECF operator or VC/PE firm registered by SC.
Under the existing pathway, the issuer engages an Approved Adviser who submits the listing application on behalf of the issuer.
Fundraising size is around RM3.5 million on average, and ranges between RM103,200 to RM5.3 million.
Investors:
- Retail investors
Statistics: LEAP Market
Note:
Figures are as at 2025.
Listing Process for LEAP Market
Pre-Submission
8 - 12 weeks
- Appointing Approved Adviser or Listing Agent
- Structuring of IPO including preparation of submission documents
- Due diligence - Financial, legal, operations, etc
- Voluntary pre-submission consultation
- Submission of Listing Document
Regulatory Submission & Approval
3 weeks
- Submitting listing application and Listing Document
- Addressing queries from Bursa Malaysia
- Registration of Listing Document
Listing
4 weeks
- Appointing Approved Adviser or Listing Agent
- Structuring of IPO including preparation of submission documents
A sponsor-driven market:
It requires sponsors to evaluate the suitability of potential companies to be listed, taking into consideration attributes such as business prospects and corporate conduct.
Fundraising size is around RM65 million on average, and ranges between RM13.7 million to 184 million.
Investors:
- Retail investors
- Institutional investors
Statistics: ACE Market
Note:
Figures are as at 2025.
Potential issuers for the MAIN Market must demonstrate that they have achieved minimum profit track record or minimum size measured by market capitalisation.
Fundraising size is around RM309 million on average, and ranges between RM55.6 million and RM2 billion.
Investors:
- Retail investors
- Institutional investors
Statistics: MAIN Market
Note:
Figures are as at 2025.
Listing Process for MAIN Market
Pre-Submission
12 - 16 weeks
- Appointing principal advisers or sponsors
- Structuring of IPO
- Due diligence and internal control review
- Preparing documents for submission
Regulatory Approval*
12 - 24 weeks
- Mandatory pre-submission consultation with the SC or Bursa Malaysia and key stakeholders
- Public exposure of prospectus
- Addressing queries from the SC or Bursa Malaysia
- Visit by the SC or Bursa Malaysia to the company’s key business premises
Post Approval
8 - 12 weeks
- Appointing an investor relations company
- Signing of underwriting agreement (if required)
- Registration and lodgement of prospectus
- Pre-marketing commences
Listing
4 weeks
- Prospectus launch
- Roadshows and bookbuilding exercise
- Allocation of shares
- Listing on Bursa Malaysia / Trading Commences
