Listing on Bursa Malaysia’s MAIN Market is often seen as a major milestone for a company. It is not merely a fundraising exercise. It is also a public signal that the company has reached a certain level of scale, maturity, governance and investor readiness.
The Securities Commission Malaysia’s Equity Guidelines were revised on 28 May 2026, with the latest revision taking effect on 3 June 2026. One of the key areas for companies and advisers to understand is the admission route for a MAIN Market listing.
Under paragraph 5.02 of the revised Equity Guidelines, an applicant whose core business is not an infrastructure project must satisfy either the profit test or the market capitalisation test. An applicant whose core business is an infrastructure project must satisfy the infrastructure project corporation test.
1. The profit test: earnings quality still matters
For companies with a strong earnings track record, the profit test remains the most straightforward route. The applicant must have an aggregate after-tax profit of at least RM30 million for the most recent three full financial years, and after-tax profit of at least RM15 million for the most recent financial year.
In practice, this is not only a numbers exercise. A company preparing for this route should also be able to explain the sustainability of its profits, the quality of its earnings, the continuity of its business and the strength of its management team.
2. The market capitalisation test: scale and valuation
For companies that may not fit neatly into the profit route, the market capitalisation test is equally important. This route focuses more on the size and valuation of the company.
The applicant’s ordinary shares must have a total market capitalisation of at least RM500 million, based on the issue or offer price stated in the prospectus and the enlarged issued share capital upon listing.
This route may be relevant to companies with strong growth, substantial scale or a compelling business model, even where the conventional profit track record does not tell the full story. That said, the valuation story still needs to be credible and investor-facing.
3. Infrastructure project corporation test
For infrastructure businesses, the test is different. The focus is on whether the company has the right to build and operate a sizeable infrastructure project, whether in Malaysia or outside Malaysia.
The project costs must generally be at least RM500 million, and the concession or licence must have a remaining period of at least 15 years at the time of listing. For renewable energy infrastructure projects, the SC may consider aggregation of project costs, provided that each individual project has a project cost of at least RM100 million, subject to prior consultation with the SC.
| Route | Key Requirement |
|---|---|
| Profit Test | At least RM30 million aggregate after-tax profit over the most recent three full financial years, and at least RM15 million after-tax profit in the latest financial year. |
| Market Capitalisation Test | Market capitalisation of at least RM500 million, based on the IPO issue or offer price and enlarged issued share capital upon listing. |
| Infrastructure Project Corporation Test | Project costs of at least RM500 million, with the concession or licence generally having at least 15 years remaining at the time of listing. |
Readiness is more than eligibility
At the end of the day, a MAIN Market listing is not just about meeting the entry requirements. It is about whether the company is ready for the responsibilities of being a public-listed company, including stronger governance, transparent financial reporting, capable management and a clear business story that investors can understand and trust.
For founders, boards and shareholders, the preparation should therefore begin well before the formal submission. The strongest listing candidates tend to treat the IPO process not as a final transaction, but as the result of years of disciplined housekeeping.
For the full revised Equity Guidelines, please refer to the Securities Commission Malaysia’s official Equity Guidelines page: https://www.sc.com.my/regulation/guidelines/equity.
This article is for general information only and does not constitute legal advice. Listing readiness, regulatory compliance and IPO structuring should be assessed based on the company’s specific facts and current regulatory requirements.
