KUALA LUMPUR: RNG Tech Bhd, the operator of the ‘Rest N Go’ brand of vending massage chair services, signed an underwriting agreement with M&A Securities Sdn Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia.
Under the IPO exercise, RNG Tech will issue 126.1 million shares, representing approximately 16.0% of its enlarged issued share capital, and will also offer for sale 78.8 million shares, representing approximately 10.0% of its enlarged issued share capital.
Of the 126.1 million shares, 39.4 million will be made available to the Malaysian public via balloting; 11.8 million to eligible directors, employees and persons who have contributed to the success of the group, while 74.9 million will be allocated by way of private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry of Malaysia (Miti).
Meanwhile, of the 78.8 million shares, 23.6 million will be made available through a private placement to selected Bumiputera investors approved by Miti, with the balance of 55.2 million shares to be placed with other selected investors.
Pursuant to the underwriting agreement, M&A Securities will underwrite a total of 51.2 million shares made available to the Malaysian public via balloting and pink form allocation.
RNG Tech managing director Datin Sophia Tan Sok Fei said the signing of this underwriting agreement marks a significant milestone in the group’s IPO journey.
“It supports our plans to further scale our network, particularly across strategic, high-traffic locations in both Malaysia and regional markets.
“The IPO will enable us to accelerate our next phase of growth by deploying more vending massage chairs, improving the customer experience at our RNG stations and premium outlets, and enhancing the visibility of the Rest N Go brand.
“Supported by our extensive network, integrated digital systems and regional footprint, we are well positioned to capture growing demand for convenient and accessible vending massage services,” she said.
RNG Tech provide vending massage services under the ‘Rest N Go’ brand. By revenue, it is the largest vending massage chair operator in Malaysia, holding a 69.3% market share in 2024.
The group offers convenient, accessible and affordable on-the-go massage services through vending massage chairs placed at high-traffic waiting areas, including shopping malls, airports, and highway rest stops.
Supporting the operations is an integrated digital infrastructure comprising a meter reading system and RNG mobile application, which enable real-time remote monitoring, digital payments and customer engagement.
Since setting up its first RNG station at Selayang Mall in Selangor in 2009, the group has expanded its presence across Malaysia, Singapore, Thailand, Cambodia and Brunei Darussalam.
As of July 31, 2025, it owned and operated 4,146 vending massage chairs across these five countries.
In addition, a further 2,340 vending massage chairs are deployed in Vietnam and the Philippines under licensing arrangements.
RNG Tech is scheduled to be listed on the ACE Market of Bursa Malaysia by Q3 of 2026.
M&A Securities serves as the adviser, sponsor, underwriter and placement agent for the IPO exercise.
