Frequently Ask Questions

Answer to commonly asked question regarding IPO services.


Q : How long does it take an IPO to be listed after subscription opens?

A : The minimum time needed is 13 market days for an IPO where the retail public portion is less than 20 million shares generally 16 market days where it is between 20 to 50 million shares or possibly 18 market days where it is 50 million shares and above.

Q : Can an IPO timeline be longer than mentioned above?

A : Yes. The stipulated timeline is the minimum established. The IPO Issuer may choose to have a later listing. For example, subscriptions may open for more than the usual 5 market days, in which case the listing timeline will be longer.

Q : Where can I obtain copies of share application forms?

A : Copies are available at the offices of most stockbrokers, investment banks and selected banks. In addition, copies are also available at the office of the IPO Adviser (normally an investment bank) and at MIH (11th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor).

Q : How else can I apply for shares if I can't find share application forms?

A : You may make use of Electronic Share Application if you are an account holder of one of eight participating banks (see Electronic Share Application FAQs for details) or an account holder with access to internet financial services facilities offered by an internet participating financial institution (see Internet Share Application FAQs for details).

Q : Can I make more than one share application?

A : No. Multiple applications in your own name or using the name of others is an offence under the Capital Markets and Services Act, 2007 which prescribes severe penalties for the offence.

Q : Can I make one share application using an application form and another under Electronic Share Application or Internet Share Application?

A : No. Both will be construed as multiple applications and rejected accordingly.

Q : Must I have a CDS Account?

A : Yes. Your application will also be rejected if you fail to provide your correct CDS account number.

Q : Can I provide the CDS Account of a relative, friend or a nominee (pledged account)?

A : No. The CDS account has to be one opened in the name of the applicant.

Q : I am below 18 years of age. Can I apply for shares?

A : No. Minors are not allowed to apply for shares.

Q : Can a sole proprietorship or a partnership apply for shares?

A : No. A sole proprietorship or partnership which are unincorporated cannot apply for shares. The sole proprietor or any of the partners will have to apply as individuals on behalf of their businesses.

Q : Can a Foreigner or Permanent Resident (PR) in Malaysia apply for IPO shares?

A : Except in the case of IPOs to be listed on the ACE Market sometimes and certain restricted or preferential issue of shares to existing shareholders of companies associated with the IPO Issuer, the retail public portion of IPOs are for Malaysian citizens or corporations only. Please read the prospectus and application form for each IPO carefully.

A : The Internet Participating Financial Institutions are :-

  1. Affin Bank Berhad at
  2. CIMB Bank Berhad at
  3. CIMB Investment Bank Berhad at
  4. Malayan Banking Berhad at
  5. Public Bank Berhad at
  6. RHB Bank Berhad at

Q : How can I submit my completed share application form?

A : You may send your share application by ordinary mail, through courier services or drop it into the MIH drop-in boxes (anyday, anytime, located at the front of Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor).

Q : Which banks offer ESA services?

A : The Participating Financial Institutions are

  1. Affin Bank Berhad
  2. AmBank (M) Berhad
  3. CIMB Bank Berhad
  4. HSBC Bank Malaysia Berhad
  5. Malayan Banking Berhad
  6. Public Bank Berhad
  7. RHB Bank Berhad
  8. Standard Chartered Bank Malaysia Berhad (selected branches only)

Q : How do I qualify for the ESA facility?

A : You must have an account with a Participating Financial Institution and be issued with an ATM Card.

Q : I have not used the ESA facility before. Is it a difficult process?

A : No, doing an ESA transaction is a simple process. Just follow the step-by-step instructions on the ATM screen of your Participating Financial Institution.

Q : I have a joint bank account with my husband. Can I apply using my CDS account number but using my husband’s name as the applicant?

A : No, the application must be in your name if you are making the application and using your CDS account. Please check with your bank first to avoid problems.

Q : After completing my ESA transaction, the ATM will issue a transaction slip. Do I have to send the slip together with a share application form to MIH?

A : No. The transaction slip is for your retention as a personal record of your transaction. No share application forms are required for ESA.

Q : If my ESA application was not successfully balloted, how do I get my refund?

A : MIH will inform your Participating Financial Institution that you have not been successful within 2 business days from balloting. Your Participating Financial Institution will credit your account within 2 business days after hearing from MIH.

Q : When will my share application be returned to me, if it is not successful during balloting?

A : Your share application envelope A with your payment draft intact will be mailed to you within 1-2 days after balloting.

Q : How will I know whether my share application has been successful during balloting?

A :A notice of allotment of shares would be mailed to you prior to listing of the IPO.

Q : Are there any other ways I can find out whether my application is successful?

A : You can call your stockbrokers to check your CDS account or call MIH at 03-78418000 or 03-78418289 during normal office hours.

Q : Why is it my unsuccessful share application is sometimes returned to me later than 1-2 days after balloting?

A : Your application although not successful, could have been picked as a Reserve application during balloting and kept for a few more days in case it is needed to replace a successful application which is subsequently rejected. Being a Reserve application you still have a chance of being successful instead of being outright unsuccessful.

Q : Why do you need Reserve applications?

A : Reserve applications are needed to replace a certain percentage of successful applications which are found to contain errors pertaining to payment, CDS account numbers and other irregularities during processing.

Q : Why is it my payment draft is cleared and yet I am unsuccessful?

A : Although every endeavor would be made to avoid presenting an unsuccessful application draft for payment, this is sometimes unavoidable. An example would be when an application is initially successful, in which case the draft would be banked in and later an application error is detected e.g. wrong CDS account after verification by Bursa Malaysia Depository Sdn Bhd. For this reason, it is an IPO condition that no application shall be deemed successful by reason of the remittances having been presented for payment.