HI Mobility’s yellow smiling buses hit the road to a RM116 million IPO

[KUALA LUMPUR] HI Mobility, the sole Malaysian bus operator serving one of the world’s busiest land crossings – between Johor and Singapore via the Causeway and Second Link – is set to raise RM116 million (S$35 million) in an initial public offering (IPO) to expand its fleet and ramp up electric bus adoption. 

Founded in 1994 by Lim Han Weng, a Malaysian offshore energy tycoon and the executive chairman of Malaysia-listed Yinson, the company is best known for its bright yellow buses with cheerful smiley faces – fondly dubbed the “smiling buses”.

Those smiles are now headed to the stock market, with HI Mobility set to debut on Bursa Malaysia’s Main Market on Mar 28 at a valuation of around RM610 million. Last year, the company ferried nearly 16 million passengers between Johor and Singapore.