RNG Tech Berhad, the operator of the “Rest N Go” vending massage chair services, has signed an underwriting agreement with M & A Securities Sdn Bhd as it gears up for an initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad. The agreement marks a significant step for RNG Tech, which holds a 69.3% market share in Malaysia as of 2024.
The company, known for its convenient and affordable massage services, operates over 4,146 vending massage chairs across Malaysia, Singapore, Thailand, Cambodia, and Brunei Darussalam. Additionally, it has licensing arrangements for 2,340 chairs in Vietnam and the Philippines. The IPO will involve the issuance of 126.1 million new shares, representing 16% of its enlarged share capital, and the sale of 78.8 million existing shares, or 10% of the share capital.
Managing Director Sophia Tan Sok Fei highlighted the importance of the underwriting agreement, stating, “It supports our plans to further scale our network, particularly across strategic, high-traffic locations in both Malaysia and regional markets.” The IPO aims to enhance RNG Tech’s growth by expanding its chair network and improving customer experience.
M & A Securities will underwrite 51.2 million shares available to the Malaysian public and eligible stakeholders. RNG Tech’s listing on the ACE Market is expected by the third quarter of 2026, with M & A Securities serving as the Adviser, Sponsor, Underwriter, and Placement Agent.
