A Pink Form lets eligible directors and employees (and sometimes other people the company names) apply for IPO shares reserved for them. To apply, you will normally need a CDS account in your own name, because successful shares are credited into it. No CDS account yet? Open one now, well before the closing date, and follow the instructions printed on your form and in the prospectus.
This page explains the general process in Malaysia. Every IPO sets its own rules. The final authority for your application is the issuer's prospectus, your Pink Application Form and the instructions that came with it. Where they differ from this guide, follow them.
What is an IPO Pink Form?
An IPO Pink Form (Pink Application Form) is the application form a company gives to its "Eligible Persons" so they can apply for IPO shares set aside for them. Eligible Persons are usually directors and employees of the company and its subsidiaries, and in some IPOs, business associates or others who have contributed to the group. It is often called the staff IPO allocation or employee share allocation. In Malay you may see Borang Permohonan Merah Jambu; in Chinese, 粉红表格.
Why do companies use it?
When a company lists on Bursa Malaysia, it usually splits the shares on offer into portions. One portion goes to the Malaysian public, others go to institutional investors, and a slice may be reserved for people connected to the company. Reserving shares for staff is a way to reward people who helped build the business and to give them a stake in its future.
How is it different from applying as the public?
| Pink Form (Eligible Persons) | Public portion | |
|---|---|---|
| Who can apply | Only people the prospectus defines as Eligible Persons | Members of the Malaysian public who meet the prospectus conditions |
| How shares are given out | From the portion reserved for Eligible Persons, on the basis set out in the prospectus | Usually by ballot when oversubscribed |
| How to apply | The Pink Application Form and its instructions | Usually electronic application through banks or brokers, or the issuing house's online system |
| CDS account needed | Yes, in your own name (in the prospectuses we reviewed) | Yes |
In some IPOs, Eligible Persons are also allowed to apply under the public portion in addition to their Pink Form. Others restrict this. Check your prospectus before assuming either way.
We cannot tell you whether you qualify or how many shares are reserved for you. Those details come from the issuer. Check the prospectus section on the allocation to Eligible Persons and the letter that came with your form.
Received a Pink Form from your company? Here's what to do
Below is the general sequence most people follow. Steps marked General apply to most Malaysian IPOs. Steps marked Check your form depend on the specific instructions in your Pink Form and prospectus.
-
Check the details on the Pink Form
Check your formConfirm your name, NRIC number, the company name, the number of shares reserved or offered to you, and the IPO price per share. If anything is wrong, raise it with the contact person named in your letter now, not on the last day.
-
Check the closing date and time
Check your formThe prospectus timetable shows when applications open and close. Work backwards from that date. Opening an account and arranging payment both take time.
-
Check whether you already have a CDS account
GeneralYou may already have one if you have bought Bursa shares before, applied for an earlier IPO, or opened a stockbroking account years ago. Your CDS account number is shown on CDS statements and in your broker's account details. If you are not sure, ask your broker.
-
If you don't have one, understand what's required
GeneralThe prospectuses we reviewed require a CDS account in your own name. A nominee account or an account belonging to someone else (even a spouse) was not accepted. If your broker holds your Bursa shares through a nominee structure, you may need a separate CDS account in your own name.
-
Open the account through a broker or the Bursa Anywhere app
GeneralCDS accounts are opened through a stockbroking company (an Authorised Depository Agent), or online through Bursa Malaysia's Bursa Anywhere app for Malaysians with MyKad. See our step-by-step CDS account guide.
-
Complete and submit the application exactly as instructed
Check your formFill in every field, use your own CDS account number, and pay using the method your instructions specify. Do not guess the payment method or the submission channel. Keep copies of everything.
-
After allocation, check how the shares are credited
GeneralSuccessful shares are credited into your CDS account before listing, and a notice of allotment is sent to the address on your CDS record. If your application is unsuccessful or only partly successful, money is refunded on the terms set out in the prospectus.
Do I need a CDS account for a Pink Form?
In practice, yes. If your allocation results in shares being issued to you, those shares are credited into a CDS account. The Malaysian prospectuses we reviewed require a valid CDS account in the applicant's own name, and did not accept nominee or third-party accounts. The exact requirement for your IPO is in its prospectus and application instructions.
A CDS (Central Depository System) account is where your Bursa Malaysia securities are recorded electronically. It is managed under Bursa Malaysia Depository. Physical share certificates are no longer used for listed shares, so the CDS account is effectively your "share safe".
A trading account is different. It is your account with a stockbroker that lets you place buy and sell orders. You need it to trade, but the shares themselves sit in the CDS account.
CDS account vs trading account
This is where beginners get confused. Opening a broker app does not automatically mean you understand the CDS part, and some app accounts hold Bursa shares through a nominee arrangement rather than a CDS account in your name.
| CDS account | Trading account | |
|---|---|---|
| Main purpose | Holds (records) your Bursa securities | Places buy and sell orders |
| Opened through | A stockbroker (ADA) or Bursa Anywhere | A stockbroker |
| Holds shares | Yes | No. Shares sit in a CDS account, which may be in your name or a nominee's, depending on the broker |
| Used to place orders | No | Yes |
| Needed for a Pink Form | Yes, generally in your own name | Not to apply, but needed later to sell |
| Needed for investing | Generally yes | Generally yes |
For the full breakdown, read CDS account vs trading account in our CDS guide.
What if I don't have a CDS account?
You will usually need to arrange a CDS account in your own name before you can complete the Pink Form. Check your IPO's instructions and the broker's account-opening requirements, then start today. Approval is not instant, and the closing date will not move for you.
What you will typically need, based on Bursa Malaysia's guidance:
- You must be at least 18 years old.
- Your MyKad (Malaysians) or passport (foreigners), plus whatever supporting documents the broker asks for.
- A bank account in your own name for payments and refunds.
- Payment of any account opening fee. Some brokers waive it, others charge one. Check before you apply.
An individual can hold one CDS account with each stockbroker, so if you already have one at a broker you rarely use, it still counts. You do not have to open a new one.
Do I need a trading account too?
To apply with a Pink Form, the key item is the CDS account. But think one step ahead:
- CDS account = where the shares are held.
- Trading account = how you place trades.
If you ever want to sell your IPO shares, you need a trading account with the same broker that holds the CDS account the shares were credited to (or you transfer the shares to another broker). Many brokers open the trading account and CDS account together, which saves you a second round of paperwork. Account structures differ between brokers, so ask how yours works. Our guide to opening a trading account in Malaysia covers what to compare.
Which broker should I use?
We are not going to push one broker here, because the right choice for a Pink Form depends on one thing first: can the broker give you a CDS account in your own name in time? After that, compare:
- CDS arrangement: a CDS account in your own name, or a nominee structure? For a Pink Form, this matters most.
- Account-opening process: fully online or paperwork, and typical approval time.
- Bursa Malaysia access and brokerage fees for when you eventually sell.
- Platform, research tools and customer support.
- Access to other markets if you also want US or Hong Kong stocks.
- Current promotions, but only as a tie-breaker. They change often.
- Whether the account structure suits you as a long-term investor, not just for this IPO.
Moomoo Malaysia's help centre says a separate "CDS Account-IPO" is needed to take part in Malaysian IPO subscriptions, opened in the app under Accounts › More › CDS Account-IPO, and that applications are usually processed in under 2 business days. If you plan to use it for a Pink Form, confirm with Moomoo that the account is in your own name and meets your prospectus requirements.
Compare Malaysian stock brokers → We explain how each one handles accounts, fees and markets.
IPO Pink Form step-by-step checklist
Screenshot this. Exact procedures vary by IPO, so tick each item against your own Pink Form and prospectus.
- Received Pink FormKeep the form and covering letter together.
- Check the application closing date and timeFrom the prospectus timetable or your covering letter.
- Check eligibility and the number of shares reserved for youAs stated in your form and the prospectus.
- Check your CDS account statusDo you have one in your own name? Is it active?
- Check trading / broker account requirementsYou will need a linked trading account to sell later.
- Complete the applicationEvery field, your own CDS account number, no corrections you can't initial.
- Submit payment and documents as your IPO instructions specifyDo not assume the method. Follow the form.
- Keep application recordsCopies, receipts and reference numbers.
- Check the allocation resultNotice of allotment and the issuing house's announcement.
- Check share crediting before listingLook at your CDS statement or broker app.
Common Pink Form mistakes
- Waiting until the deadline to open an account. Account approval and payment arrangements take days, not minutes.
- Confusing a CDS account with a trading account. A broker app login is not the same as having a CDS account in your own name.
- Using a nominee or someone else's CDS account. The prospectuses we reviewed rejected these.
- Assuming every IPO has identical Pink Form rules. Eligibility, allocation and application methods differ.
- Ignoring the issuer's official instructions in favour of what a colleague did last time.
- Missing the application deadline. Late applications are generally not accepted.
- Assuming a Pink Form guarantees shares. It is an invitation to apply, subject to the prospectus terms.
- Not planning for after listing. Without a trading account linked to that CDS account, you cannot sell when you want to.
What happens after allocation and listing?
If your application succeeds, the shares are credited into your CDS account before the listing date and a notice of allotment is posted to the address on your CDS record. On listing day the shares start trading on Bursa Malaysia. From then on you can hold them or sell them through the trading account linked to that CDS account, unless the prospectus places a restriction on you (for example, a moratorium that applies to certain directors or major shareholders).
The listing price can be above or below the IPO price. Receiving shares through a staff allocation does not make them risk-free. Treat them like any other investment: understand the business, and decide how much of your wealth you want tied to your employer. Our Bursa IPO guide (中文) covers how to read a prospectus.
Your next step
Prefer another broker? See the Webull Malaysia sign-up guide or the Rakuten Trade sign-up guide, and read our Moomoo Malaysia review before deciding.
中文重点：收到公司IPO粉红表格（Pink Form）怎么办？
- 粉红表格是公司发给"合格人士"（通常是董事、员工，有时包括业务伙伴）的IPO申购表格，申购为他们保留的股份。资格与配额以招股书为准。
- 申购通常需要以本人名义开立的CDS账户。我们查阅的招股书不接受代名（nominee）或他人账户。
- CDS账户负责托管股票；交易账户负责下单买卖。将来要卖出，需要同一券商的交易账户。
- 没有CDS账户？尽早通过券商或Bursa Anywhere开户，不要等到截止日。详见CDS账户开户指南。
- 收到粉红表格不代表一定获得股份。请严格按照表格和招股书的指示填写、付款和提交。
IPO Pink Form FAQ
What is an IPO Pink Form in Malaysia?
An IPO Pink Form (Pink Application Form) is the application form a company issues to its "Eligible Persons", such as directors and employees and sometimes business associates, so they can apply for IPO shares reserved for them. It is separate from the public portion that everyone else applies for. Who is eligible and how many shares are reserved are set out in that IPO's prospectus.
Who can receive an IPO Pink Form?
Only the Eligible Persons named or described in the prospectus. This usually covers directors and employees of the company and its subsidiaries, and in some IPOs other people who have contributed to the group. The criteria differ for every IPO, so check the prospectus and the letter that came with your form.
Do I need a CDS account for a Pink Form?
In practice, yes. Bursa Malaysia shares are credited into CDS accounts, and the Malaysian prospectuses we reviewed require a valid CDS account in the applicant's own name. Nominee or third-party CDS accounts were not accepted. Always confirm the exact requirement in your IPO's prospectus.
Can I apply for an IPO without a CDS account?
Generally no. Successful IPO shares are credited to a CDS account, so you should open one before you submit your application. A CDS account is opened through a stockbroker (an Authorised Depository Agent) or through the Bursa Anywhere app for Malaysians with MyKad. Start early because approval is not instant. How to open a CDS account.
What is the difference between a Pink Form and the public IPO application?
The Pink Form is only for Eligible Persons and covers shares reserved for them. The public portion is open to the Malaysian public and is usually balloted when oversubscribed. In some IPOs, Eligible Persons may also apply under the public portion. The prospectus sets out the rules for each portion.
Do I need a trading account to apply with a Pink Form?
The application itself depends on a CDS account, not a trading account. But you will need a trading account with the broker where that CDS account is held if you ever want to sell the shares. Many brokers open both together. How to open a trading account.
What happens after I receive IPO shares from a Pink Form?
The shares are credited into your CDS account before the listing date, and a notice of allotment is sent to the address on your CDS record. From listing day you can hold or sell them through the trading account linked to that CDS account, unless the prospectus states a restriction.
Can I sell IPO shares immediately after listing?
Usually yes, from listing day, through the trading account linked to the CDS account holding the shares. Check the prospectus for any moratorium or restriction that applies to you, for example if you are a director or a major shareholder.
What happens if I miss the Pink Form deadline?
Late applications are generally not accepted. Shares you did not take up may be reallocated to other applicants under the prospectus terms. If you think you may miss the deadline, contact the contact person named in your Pink Form letter or the issuing house immediately.
Does receiving a Pink Form guarantee IPO shares?
No. A Pink Form invites you to apply for shares reserved for Eligible Persons. Your application still has to be valid, complete, paid and submitted on time, and the issuer can reject or scale down applications under the prospectus terms.
Sources we checked
- Bursa Malaysia (Bursa Assist): who can open a CDS account; how to open a CDS account; one CDS account per Authorised Depository Agent for individuals.
- Procedures for application published with recent Malaysian IPO prospectuses (lodged with the Securities Commission Malaysia), covering Pink Application Forms, the own-name CDS account requirement, notices of allotment and refunds.
- Moomoo Malaysia help centre: "How to open a CDS Account-IPO".
Checked on 4 October 2026.
Important: This guide provides general educational information. Always follow the specific instructions and deadlines stated in the relevant IPO's official documents. BursaNews is not a licensed financial adviser and this is not investment advice.
Affiliate disclosure: Some links on this page go to broker sign-up pages. BursaNews may earn a commission if you open an account through them, at no extra cost to you. This does not change the steps above.