LEAP Market or ACE Market: choosing the right first listing for an SME
The right market depends less on the size of the company than on how ready it is — and how much public scrutiny it is prepared to accept.
Que Advisory · 13 Oct 2026
For a Malaysian SME considering a first listing, the choice is usually between two of Bursa Malaysia's markets: the LEAP Market and the ACE Market. The Main Market is generally for larger, established companies. The descriptions below are indicative and simplified; the current rules should always be confirmed with a licensed adviser.
The LEAP Market in brief
- Investors: open only to sophisticated investors, not the general public.
- Adviser: requires an Approved Adviser.
- Profit record: no minimum profit requirement.
- Document: an information memorandum rather than a full prospectus.
LEAP is designed as an accessible entry point for SMEs and growth companies. It suits businesses that want access to capital and the discipline of a listing, but are not yet ready — or do not yet need — to build a broad public shareholder base.
The ACE Market in brief
- Investors: open to the public, so a public shareholding spread must be built.
- Adviser: sponsor-driven; a sponsor assesses suitability and supervises the company after listing.
- Profit record: no minimum profit test, but the business must demonstrate growth potential.
- Obligations: a heavier ongoing reporting and disclosure load than LEAP.
ACE suits companies with a clear growth story that are ready for public-market scrutiny, investor relations and continuing disclosure.
How to decide
Three questions usually settle it.
How ready is the record? A company still building its audited history and governance often benefits from preparing properly for one market rather than reaching for the other too early.
Who should own the shares? If the aim is to bring in a limited group of sophisticated investors, LEAP fits. If the aim is a public following and liquidity, ACE is the relevant target.
How much scrutiny is the company prepared for? Public investors bring public expectations: regular reporting, announcements and analyst questions. That burden is part of the price of a public market.
A stepping stone, not a final choice
A listing on LEAP does not close the door to ACE or the Main Market later. For many SMEs, a well-prepared LEAP listing followed by a transfer once the track record is established is a more realistic path than aiming for a larger market first.
Whichever market is chosen, the preparation work — accounts, structure, ownership, governance — is largely the same. That is why readiness, rather than market choice, is the right place to start.
This article is general information prepared by a private consultancy. It is not legal or investment advice, and regulatory references are indicative only. Confirm current requirements with a licensed Approved Adviser, principal adviser or sponsor before acting.