For companies planning an Initial Public Offering, or IPO, choosing the right market is an important first step.
Bursa Malaysia has three main equity markets:
- Main Market;
- ACE Market; and
- LEAP Market.
Each market is designed for companies at different stages of growth. The most suitable market will depend on factors such as the company's size, financial track record, business maturity, growth plans and fundraising needs.
1. Main Market
The Main Market is Bursa Malaysia's premier market for larger and more established companies.
Companies seeking to list on the Main Market must generally demonstrate an established financial track record or meet the required market capitalisation or infrastructure project criteria.
This market may be suitable for companies that have:
- An established operating history;
- Strong and consistent financial performance;
- A larger business scale;
- An experienced management team;
- Proper corporate governance practices; and
- Well-established internal controls and reporting processes.
Listing on the Main Market generally brings greater public visibility and access to a broader range of investors. However, companies must also be prepared for higher expectations relating to governance, financial reporting, disclosure and regulatory compliance.
2. ACE Market
The ACE Market is mainly intended for small and mid-sized companies with strong growth potential.
Unlike the Main Market, the ACE Market operates under a sponsor-driven framework. A company must appoint an approved Sponsor to assess its suitability for listing and guide it through the listing process. Bursa Malaysia relies significantly on the Sponsor's assessment of whether the applicant is suitable for admission.
The ACE Market may be suitable for:
- Growing companies seeking capital for expansion;
- Companies operating in emerging or specialised industries;
- Businesses with strong future prospects;
- Companies that may not yet meet the Main Market's quantitative criteria; and
- Businesses planning to eventually transfer to the Main Market.
Although the ACE Market focuses on growth companies, applicants must still demonstrate that they have a sustainable business model, capable management, suitable governance and adequate internal controls.
The Securities Commission Malaysia describes the ACE Market as a platform for small and mid-sized companies and a possible stepping stone towards the Main Market.
3. LEAP Market
The LEAP Market is designed mainly for early-stage and emerging companies, including small and medium-sized enterprises.
It provides an alternative fundraising platform for businesses that may not yet be ready for the ACE Market or Main Market. It can also act as a pathway for companies that intend to progress to the ACE Market as their business grows.
Under the prevailing framework, trading on the LEAP Market is generally limited to sophisticated investors as defined under Malaysia's capital market laws.
The LEAP Market may be suitable for:
- Small and medium-sized enterprises;
- Early-stage businesses;
- Founder-led companies seeking growth capital;
- Companies looking to build a public-market track record; and
- Businesses considering a future transfer to the ACE Market.
In May 2026, the Securities Commission Malaysia and Bursa Malaysia proposed several enhancements under the LEAP Market 2.0 initiative. These included simplified admission documents, broader investor participation and a more efficient transfer process from the LEAP Market to the ACE Market. Companies should confirm the latest requirements with their advisers, as these measures are subject to the final regulatory framework and implementation date.
Main Market, ACE Market and LEAP Market: What Is the Difference?
| Market | Generally Suitable For | Main Feature |
|---|---|---|
| Main Market | Larger and established companies | Requires an established financial track record or other qualifying criteria |
| ACE Market | Small and mid-sized growth companies | Sponsor-driven listing framework |
| LEAP Market | Early-stage companies and SMEs | Alternative fundraising platform focused mainly on sophisticated investors |
Which Bursa Malaysia Market Is Right for Your Company?
There is no single market that is suitable for every company.
The decision should consider:
- The company's financial track record;
- Current business size and maturity;
- Future growth plans;
- Capital requirements;
- Management capability;
- Corporate governance structure;
- Internal control readiness; and
- Ability to comply with continuing listing obligations.
Companies should engage a Principal Adviser, Sponsor or Approved Adviser, depending on the intended market, to assess the most suitable listing route.
How SocialGreen Governance Can Support Your IPO Journey
SocialGreen Governance Sdn. Bhd. supports companies preparing for listing through:
- Internal Control Reviews;
- Internal audit;
- Corporate governance advisory;
- Risk management;
- IPO readiness assessments; and
- Sustainability and ESG reporting.
Our focus is to identify control gaps and provide practical recommendations that strengthen the company's overall readiness for the expectations of advisers, regulators and investors.
This article is intended for general information only and does not constitute legal, financial or regulatory advice. Listing requirements may change, and companies should consult their professional advisers based on their circumstances.
