HI Mobility—controlled by Malaysian oil and gas tycoon Lim Han Weng—is raising 115.9 million ringgit ($26.3 million) from its IPO to add electric buses to its fleet as the company gears up for increased cross-border traffic at the causeway between Malaysia and Singapore.
Under the IPO, HI Mobility is selling 95 million new shares (equivalent to about 19% of the company’s enlarged issued shares) at 1.22 ringgit each, valuing the company at 610 million ringgit. Trading on the Malaysian bourse will start on March 28.
Proceeds from the IPO will help fund the company’s fleet expansion, comprising the purchase of 55 new buses, of which 10 will be electric buses, as well as buildout of the company’s electric vehicle charging infrastructure.
“What sets us apart from other bus service operators in Malaysia is that we also provide the Johor Bahru-Singapore cross-border bus service,” Lim Chern Chuen, executive director and CEO of HI Mobility, said in a statement. The Johor-Singapore causeway is considered the world’s busiest land border with over 300,000 people passing through the immigration checkpoint daily.
HI Mobility is well-positioned to capture increased economic activity in Johor as the area is being jointly developed by Malaysia and Singapore as a special economic zone. “Connectivity and mobility are key enablers of economic development, which HI Mobility has been providing based on its 23-year operating track record,” said Michael Oh-Lau, CEO of Maybank Investment, the IPO’s sole underwriter.
The company, which also provides bus services in Melaka and Klang Valley, has an existing fleet of over 550 buses ferrying three million commuters per month. Its net profit increased 73% to 34.6 million ringgit in 2024, according to HI Mobility’s IPO prospectus.
HI Mobility will be the third publicly listed company owned by tycoon Lim Han Weng, who is also the controlling shareholder of oil and gas service providers Yinson Holdings and ICON Offshore.
Lim and wife Bah Kim Lian, cofounded Yinson Holdings in 1984 as a transport and trading business. It has since grown to become one of the world’s largest oil and gas services companies. In 2020, it diversified into renewable energy and now has solar plants in India and Peru. With a net worth of $405 million, the family ranked no. 45 in Forbes Asia’s list of Malaysia’s richest that was published in April last year.
