Key points
- Market choice changes the admission route, adviser role and investor access.
- ACE suitability is Sponsor-led under the current framework.
- LEAP investor access is limited to sophisticated investors under current rules.
High-level market differences
| Market | General positioning | Admission / adviser framework | Investor access |
|---|---|---|---|
| Main Market | Established companies able to meet the applicable quantitative and qualitative framework. | Principal Adviser-led process under Main Market and Securities Commission requirements. | Public market, subject to applicable rules. |
| ACE Market | Companies assessed for suitability, growth prospects and governance under the ACE framework. | Sponsor-led admission and continuing sponsorship requirements as applicable. | Public market, subject to applicable rules. |
| LEAP Market | SME-focused qualified market with a proportionate framework. | Approved Adviser-led framework under LEAP Market requirements. | Trading is for sophisticated investors, subject to current rules. |
Main Market
The Main Market is generally associated with established businesses and includes quantitative and qualitative admission criteria under the applicable listing and securities framework. A company’s route depends on its facts and current requirements, not on a simple revenue label.
ACE Market
The ACE Market uses a Sponsor-driven suitability framework. Growth prospects, business model, governance, management and the Sponsor’s assessment matter alongside financial and other required information.
LEAP Market
The LEAP Market is designed as an SME-focused qualified market. Bursa Malaysia states that only sophisticated investors may invest, subject to the applicable definition and current rules. An Approved Adviser guides the listing process.
The market should follow readiness and purpose
Investor access, governance capacity, reporting maturity, adviser framework, capital objective and ongoing obligations all affect the realistic path. LEAP, ACE and Main should not be treated as an automatic staircase: any transfer or new admission must satisfy the applicable current requirements and adviser-led process. Preliminary education can help frame the questions, but qualification and execution require the appointed approved or licensed parties.
When it may fit
Signals worth exploring
- The owners have a clear listing objective and accept ongoing governance obligations.
- The company can support the relevant adviser-led assessment and preparation.
- The investor-access framework suits the intended capital and shareholder outcome.
When it may not fit
Reasons to pause
- The market is chosen mainly for status or a perceived shortcut.
- Owners assume financial size alone determines eligibility.
- The company is not ready for disclosure, governance or adviser-led scrutiny.
Owner checklist
Questions to answer before choosing a route
- What is the strategic purpose of listing?
- Which investor-access model fits the objective?
- What governance and reporting gaps need work?
- Which Principal Adviser, Sponsor or Approved Adviser should assess the case?
- What do the latest rules require at the time of application?
Discuss the business need
Start with the objective, operating facts and rough numbers.
OUC can help clarify the need, prepare the business case, compare realistic pathways and coordinate an appropriate introduction. Financing, transaction or listing outcomes are not guaranteed.
Official sources and further reading
- Bursa Malaysia — Main Market Listing Requirements
- Bursa Malaysia — ACE Market Listing Requirements
- Bursa Malaysia — LEAP Market Listing Requirements
- Bursa Assist — Who can invest on the LEAP Market?
- Bursa Malaysia — Going Public Guide
Rules and provider criteria can change. These links were checked on 2026-08-23.