How to Apply for a Bursa Malaysia IPO

Applying for an IPO on Bursa Malaysia is straightforward, but there are a few requirements and steps to follow.

1. Open a CDS Account

A Central Depository System (CDS) account is required to hold shares electronically. You can open one through any participating bank or stockbroking firm.

Common CDS providers:

• CGS International Securities Malaysia Sdn Bhd
• Maybank Investment Bank
• RHB Investment Bank
• Public Investment Bank
• Kenanga Investment Bank
• Affin Hwang Investment Bank

You can view the full list of official registered brokers and investment banks on the Bursa Malaysia website.

Most banks let you open a CDS account online within a few days. While you can open multiple CDS accounts (e.g., one with CGS International and another with RHB Investment Bank), you can only select one account to apply for any single IPO.

Important: Submitting multiple applications for the same IPO using different CDS accounts of yours will result in disqualification from the allotment. The issuing house (e.g., Tricor or MIH) checks applications using your unique NRIC/ID number and will automatically reject duplicate entries.

2. Fund Your Account

You'll need sufficient funds in your bank account before you apply. The amount depends on:

• IPO price — The price per share set by the company
• Number of shares you're applying for
• Processing fees — Usually around RM 1 - RM 3 per application (non-refundable regardless of whether you are allotted shares or not)

Use our Apply Amount Calculator to estimate the cost for your desired tier.

3. Submit Your Application

During the application period (typically 7–14 calendar days), you can submit your application.

Do I need to apply through the same bank where I opened my CDS account?

No. A very common misconception is that you must apply through the same financial institution that holds your CDS account.

As long as you have a valid CDS account, you can apply through almost any major commercial bank's internet banking (eIPO), regardless of who your broker is.

• Example: If you opened your CDS account with CGS International, you can:
  1. Apply directly through CGS International's eIPO portal (since you have a trading account with them), or
  2. Apply through Maybank2u, Public Bank, or other banks that have eIPO portal by entering your valid CDS account number during the application.

Application Channels:

1. Commercial Banks (Via Internet Banking)

You can apply online through most major Malaysian banks. The funds will be deducted directly from your bank savings/current account. Here are the direct portals/guides:

• Maybank: Maybank eShare Application
• Public Bank: Public Bank eIPO
• Alliance Bank: Alliance Bank eIPO
• RHB Bank: RHB Bank eIPO

2. Stockbrokers (Via eIPO Portals)

You can also apply directly through your stockbroker's online portal, but you must have an active trading account with that specific broker to use it.

When paying for the IPO, different brokers have different setup:

• From your trust account: Some brokers can deduct the funds directly from the cash balance already in your trading account.

• From your bank account: Other brokers will require you to pay directly from your bank account using online banking (FPX) during the application.

• CGS International: CGS International eIPO (Requires CGS International account and deduct from your bank account via FPX payment)

• UOB Kay Hian: UOBKayHian eIPO (Requires UOB Kay Hian account and deduct from your trading account balance)

4. Application Timeline

Note: A detailed interactive breakdown of each milestone, including allotment rules and refund timelines, is covered in the next chapter: Understanding IPO Key Dates.

5. After Listing

Once listed, your shares will appear in your CDS account. You can hold them for the long term or sell them — there's no lock-in period for retail investors.

Important: Applying for an IPO doesn't guarantee allocation. If the IPO is oversubscribed, shares are balloted randomly among all applicants.