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HI Mobility Berhad unveils IPO prospectus for main market listing

• Established track record in providing bus transportation services within the mass transit sector including cross-border, intracity and intercity routes

• Raising approximately RM115.9 million through its public issue of 95.0 million new shares

KUALA LUMPUR, 7 March 2025 – HI Mobility Berhad (“HI Mobility” or “Company”), an established cross border, intracity and intercity bus services provider, has officially launched its initial public offering (“IPO”) prospectus today, ahead of its upcoming listing on the Main Market of Bursa Malaysia Securities Berhad, slated for 28 March 2025. The said launch is graced by YB Liew Chin Tong, Deputy Minister of Investment, Trade and Industry.

Maybank Investment Bank Berhad is the principal adviser, sole placement agent and sole underwriter for the IPO.

The IPO aims to raise approximately RM115.9 million through the public issue of 95.0 million new shares, representing 19.0% of its enlarged issued shares of 500.0 million, at RM1.22 per share. 60.4% of the proceeds is being allocated for the expansion of its bus fleet including the acquisition of both electric and internal combustion engine (“ICE”) buses. Another 12.9% is allocated for the expansion of electric vehicle charging infrastructure with installations planned for various depots and routes. In support of the technological enhancement theme, 4.4% of the proceeds is earmarked for the purchase and installation of hardware, integrating artificial intelligence to enhance vehicle monitoring and driver management, among others. The remaining 22.3% is intended for working capital and defray listing expenses.

The IPO also includes an offer for sale of 35.0 million existing shares, accounting for 7.0% of its enlarged issued shares.

Based on its enlarged issued shares and IPO price of RM1.22 per share, HI Mobility’s expected market capitalisation would be RM610.0 million upon listing.

Lim Chern Chuen, HI Mobility’s Executive Director cum Chief Executive Officer said, “What sets us apart from other bus service operators in Malaysia is that we also provide the Johor Bahru-Singapore cross border bus service. We are proud to say that we have built a strong presence at arguably the busiest land border crossing in the entire world. In fact, our cross-border bus services segment alone has achieved growth this year compared to last year.”

He added, “Moving forward, we plan to capitalise on our core competencies in the provision of cross border and local bus services supported by our vehicle fleet, depots and digital infrastructure to seize potential business expansion and growth opportunities in Malaysia.”

Michael Oh-Lau, Chief Executive Officer of Maybank Investment Bank Berhad, said, “Connectivity and mobility are key enablers of economic development, which HI Mobility has been providing based on its 23 years’ operating track record. Since the commencement of its operations in 2002 in Johor, the company has expanded to serve populations in Singapore, the Klang Valley and Melaka. The company is well positioned to meet and benefit from the anticipated boost in demand for cross-border travel with the development of the Johor-Singapore Special Economic Zone.”

The Company has confirmed orders for the purchase of 55 new buses, consisting of 10 electric buses and 45 ICE buses. The expansion of the Company’s bus fleet aims to support business growth and replace ageing buses. The Company also plans to expand its fleet of electric buses to promote sustainable transportation.

Public application for the IPO shares opens today and closes at 5.00 p.m. on 19 March 2025.