PNB prepping 10 firms for IPO
Coming under the Bumiputera Relay Race initiative, it includes a possible listing of an Ekuiti Nasional Bhd (Ekuinas) portfolio company by the year-end.
The Bumiputera Relay Race is to ensure continued and sustainable Bumiputera equity ownership in the corporate sector through the capital market.
Industry observers said the concept is simple but strategic: Ekuinas invests in mid to late-stage growth companies, supports their scale-up and guides them toward IPO readiness.
"Once they are ready for a listing, PNB steps in by acquiring a strategic stake and continuing the companies' value creation plan to become regional champions, all while ensuring the equity remains within Bumiputera institutional hands," they said.
This structured handover - from private equity firm (Ekuinas) to public institutional ownership (PNB) - forms the core of the "relay race" metaphor, symbolising the seamless transition of Bumiputera ownership across growth stages.
Putra Business School economist Professor Dr Ahmed Razman Abdul Latiff said the initiative can help increase Bumiputera participation in the capital market at the entry level given that the current participating rate of Bumiputera companies is very low.
He, however, said equally important is to have a more comprehensive plan to ensure sustainability and competitiveness of these companies.
"Many have faced financial and non-financial issues and challenges which forced them to being delisted or in financial difficulties such as Serba Dinamik Holdings Bhd and Sapura Energy Bhd," he added.
Ekuinas, a government-linked private equity firm focused on Bumiputera economic participation, will invest in mid to late-growth companies via direct investments and private credit.
The "relay race" is a flagship component of the GEAR-uP (Generating Empowerment and Advancement for Resilient Bumiputeras) programme, which seeks to elevate Bumiputera participation in the economy.
According to Finance Minister II Datuk Seri Amir Hamzah Azizan, the strategy is about building capacity and opportunity for Bumiputera communities and businesses.
"It's important as we make the cake, we don't forget that some part of the cake. Bumiputera must also be given an extra hand.
"The government-linked investment companies are helping to create mechanisms where Bumiputera may have support along the way, but making sure that when we do that, we create the right incentives," he said at a media briefing of GEAR-uP 2025 Progress Report recently.
Amir Hamzah added that the activation of the Bumiputera Relay Race is slated to begin in the fourth quarter of 2025 through the potential listing of an Ekuinas portfolio company.
He said the relay race will ensure continued Bumiputera ownership while benefitting the community by distributing listing gains, complementing Amanah Saham Nasional Bhd's unit trust fund returns.
"What we hope to achieve through this is to build a connected value chain, where we can work with Equinas to nurture smaller companies, help them scale and eventually guide them towards an IPO.
"Once these companies are listed, we can then take a chunk of stake in the IPO, retain some ownership and gradually release shares back into the market, essentially making the 'relay race' work, with smooth handovers from one stage to the next," he explained.
Ekuinas had previously been reported planning to list two of its portfolio companies, Orkim Sdn Bhd and Al-Ikhsan Sports Sdn Bhd.
Both companies had been identified as IPO candidates, but unfavourable market conditions and timing issues had forced earlier delays.
In March 2025, Ekuinas reportedly was preparing to list oil and gas shipping company Orkim by the fourth quarter of this year, with a potential valuation of up to RM1 billion.
Meanwhile, Al-Ikhsan - one of the country's largest homegrown sportswear retail chains - had been positioned as a consumer-sector IPO story, leveraging its brand strength and growing retail footprint.
Ekuinas had first explored an IPO for Al-Ikhsan in 2022, deferring the plan to this year, though no further updates have been announced since.
Ekuinas other portfolio companies include Cosmopoint Group, Unitat International University, Xenergi Sdn Bhd, Bluesify, Mizou, Symbiotica, Kaisar Farmasi, Flexi Versa Group Sdn Bhd, Davex (M) Sdn Bhd, Exabytes Capital Group Sdn Bhd and Revenue Valley Sdn Bhd.
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