IPO Financing 5X/10X Button Not Showing on M+? Here's Why
Every time a hot IPO opens on Bursa Malaysia, the same questions flood the Mahersaham support inbox: "Why isn't the 5X financing button showing?", "What does Fully Subscribed mean?", "When will M+ top up the quota?". During the Stratus IPO season in July 2026 alone, our team answered these questions dozens of times a day.
This article gathers all of those answers in one place, based on the actual replies our support team gave to clients. By the end, you will know exactly why the button is not showing, when it will appear, and what your options are if the quota runs out.
The Quick Answer
The 5X or 10X IPO Financing button only appears in the M+ Global app when two conditions are met: (1) your financing request has been recorded through your remisier, and (2) M+ still has funding quota available for that IPO. If the display shows "Fully Subscribed", the financing quota has run out for now - it does not mean your application was rejected. M+ usually tops up the quota during working hours, most often around 9 AM or 2 PM, without any announcement - so you need to check the button regularly.
What Is 5X/10X IPO Financing?
IPO Financing is a short-term facility that lets you apply for IPO shares worth much more than your own capital. With 5X leverage, RM20,000 of capital lets you apply for roughly RM100,000 worth of IPO shares. With 10X, RM50,000 can apply for up to roughly RM500,000.
The facility was launched by Malacca Securities through the M+ platform in February 2025 - Malaysia's first digital IPO financing platform, aimed at giving retail investors wider access to IPOs.
Keep in mind: this is a leveraged facility. Gains can multiply, but so can losses. If you are not yet clear on how margin and leverage work, read our article on Share Margin Financing & IPO Financing: What Malaysian Investors Must Know before using it.
Minimum Capital for 2X, 5X and 10X
Based on the current requirements our team uses when processing client requests:
| Leverage | Minimum capital in Trust | Approximate application value |
|---|---|---|
| 2X | No high minimum - smaller capital works too | 2 times your capital |
| 5X | RM20,000 | Around RM100,000 |
| 10X | RM50,000 | Around RM500,000 |
Two important notes about the table above:
First, the minimum capital must already be sitting in your Trust account (Total Cash) before the request can be processed. If you are interested but have not deposited yet, that is step one.
Second, the minimum amounts do not include the financing cost. Our team always reminds clients to "add a bit more" - keep a buffer so the financing cost does not affect your eligibility.
How to Activate the 5X/10X Button
This is where most people get confused. The 5X/10X button does not appear automatically for everyone - it has to be activated for your account. The steps:
- Make sure you have capital in your account - deposit into your M+ account and confirm the amount meets the minimum for the leverage you want.
- Submit a financing request - Mahersaham clients can submit directly from the dashboard: log in at mahersaham.com, go to Dashboard → Account Service Requests, choose Request IPO Financing 5X/10X and complete the form. The full walkthrough is in our CDS Account Service Requests article.
- Wait for the button to be enabled - once your request is recorded, the 5X/10X button will appear in your M+ Global app when M+ has quota. If the quota is currently exhausted, the button only appears after the next top-up.
- Subscribe - open the M+ Global app, go to the IPO section, tap the Financing button, choose your leverage (5X/10X) and proceed. If you are new to applying for IPOs in the app, see How to Apply for Bursa IPOs Using MPlus Global.
Note on 2X: the 2X leverage can usually be requested yourself directly with M+ through the live chat inside the M+ Global app, without going through a remisier.
"Fully Subscribed" - What It Actually Means
When you tap the Financing button and see "Fully Subscribed", it means: the financing fund quota for that IPO has been fully taken by other investors for now. It does not mean your application was rejected, and it is not a problem with your account.
Here is how the quota works:
- M+ allocates a limited pool of funds for each IPO - how much is entirely up to M+.
- The quota is given out on a first come, first served basis.
- For hot IPOs, the quota can run out extremely fast. A real example from the Stratus IPO season: M+ topped up the quota at 2 PM, and everything was gone before 2:30 PM.
- The 2X leverage has its own quota too - it can also run out.
When Does M+ Top Up the Quota?
This is the question we get most often, and the honest answer is: M+ does not announce when it will top up. No notification, no official schedule. But based on our team's observations across several IPO seasons:
- Top-ups only happen during working hours (Monday to Friday).
- The most common times: 9 AM or 2 PM.
- Occasionally there is a top-up around 4 PM, but that is rare.
- Nothing happens at night or on weekends.
So the practical tip from our team: check the financing button in the app around 9 AM and 2 PM every day throughout the IPO application period. If your leverage button becomes enabled, subscribe immediately - do not wait, because the quota can vanish within half an hour.
Already Requested - Do You Need to Request Again?
Two different situations, two different answers:
For the same IPO: no. Once your request is recorded, it stays active for that IPO. When M+ tops up the quota, the 5X/10X button is enabled automatically in your app - you just need to check and subscribe.
For a different IPO: yes, a new request is needed. Every IPO requires its own separate financing request. So when a new IPO is announced and you plan to use leverage, submit your request early through the dashboard so you are ready when the quota opens.
Could Not Get Financing? Here Are Your Options
Quota exhausted right up to the final application day? This is what our team usually advises clients:
- Apply with cash - you can still apply for the IPO without financing. M+ deducts the payment from your Total Cash. Freshly deposited money can be used immediately; money from a recent share sale needs to wait for T+2 settlement first.
- Wait for the next top-up - as long as the IPO application period is still open, M+ may still add quota. Check at the usual times (9 AM / 2 PM).
- Consider lower leverage - sometimes the 5X/10X quota is gone but 2X is still available. Lower leverage means smaller exposure, but the opportunity is still there.
A timing warning: if it is close to the application deadline (for example past 4 PM on the final day) and there is still no quota, our team usually advises applying with cash so you do not miss the IPO entirely.
Financing Cost & Risks
The financing cost is calculated at an annual rate (per annum) for a short period only - from the application date to the listing date, typically 1 to 3 weeks. Based on the current rates our team quoted in July 2026: around 8% per annum for applications that do not receive an allocation, and around 13% per annum for those that do. The actual rate is set by M+ for each IPO and can change - check the display when you subscribe or the official M+ IPO Financing page for the latest terms.
Do not forget the leverage risk: with 10X, a drop of around 10% on listing day is enough to wipe out your capital, and your position can be exposed to force-selling. We cover these scenarios in more detail in Share Margin Financing & IPO Financing.
After Subscribing Successfully: What Happens Next?
Many clients who manage to subscribe then worry when the financing "still has not appeared in the app". This is normal - your application goes through review and approval before it is fully reflected in the system. From our team's experience:
- Your application status is visible in the IPO section of the M+ Global app (for example pending, processing or approved).
- Status updates usually appear around 9 AM or 2 PM - the same cycle as quota top-ups.
- The allocation outcome is only final after the IPO balloting process is completed, following the Bursa Malaysia listing process timeline.
- Once the shares are listed, you can sell and settle the financing - the facility is designed to end around the listing date.
If your application status seems stuck longer than usual, send a screenshot of the display to our support team together with your client code - we can check with M+.
Preparation Checklist Before the Next IPO Season
From hundreds of client conversations across IPO seasons, the same pattern repeats: those who prepare early get the quota, those who act late usually miss out. Use this checklist before the next IPO opens:
- Deposit early - make sure the minimum capital (RM20,000 for 5X / RM50,000 for 10X, plus a buffer for costs) is already in your Trust before the application period starts. Fresh deposits can be used immediately; sale proceeds need T+2.
- Submit your financing request early - do not wait for the quota to open. A recorded request means your button is enabled the moment a top-up happens.
- Know your leverage options - if your capital is not enough for 5X, plan for 2X or a cash application. Avoid last-minute decisions.
- Set check-in reminders - 9 AM and 2 PM every working day throughout the application period.
- Have a plan B - decide in advance: if there is still no quota by the afternoon of the final day, will you apply with cash? For how much?
FAQ
What does "Fully Subscribed" mean on the financing button?
The financing fund quota for that IPO is exhausted for now. It is not a rejection of your application. Check again around 9 AM or 2 PM - the times M+ usually tops up the quota.
Can I switch from 5X to 2X (or vice versa)?
A recorded 5X/10X request needs to be cancelled first before you use a different leverage option. Let our support team know so we can cancel your original request. For 2X, you can usually request it yourself through M+ Global live chat.
Can I apply for an IPO using two CDS accounts under the same name?
No. IPO applications are counted per individual - each person can only apply once for a given IPO, even with multiple CDS accounts at different brokers. Duplicate applications can get all of your applications rejected.
How long until the financing button appears after I request?
Your request is recorded first, then the button is enabled when M+ has quota. If the quota is currently exhausted, the button only appears after the next top-up - which is why there is no fixed timeframe. Check your app at 9 AM and 2 PM.
Do I need to be a client under Remisier Mahersaham to request through you?
Yes. We can only process financing requests for clients whose accounts are registered under our remisier (R387, Malacca Securities). If your account is under another remisier, contact them directly, or switch your remisier to Mahersaham first.
Does the IPO payment come from Trading Limit or Total Cash?
Total Cash. M+ deducts IPO application payments from your Total Cash, not from your Trading Limit. Freshly deposited funds can be used immediately; proceeds from share sales need to clear T+2 settlement first.
Do I have to compete for the financing quota?
Practically speaking, yes. The quota is first come, first served, and depends on how much funding M+ allocates. That is why we recommend requesting early and checking the app at the usual top-up times.
If I do not get any IPO allocation, what happens to the financing cost?
M+ charges different rates for allocated and unallocated applications (annual rates over the short application period). Check the official M+ page for the current terms before you subscribe.
Conclusion
An IPO Financing 5X/10X button that "does not show" almost always comes down to two things: your request has not been recorded, or the M+ quota is currently exhausted (Fully Subscribed). Fix it by submitting your request early through the dashboard, keeping the minimum capital in your Trust, and checking the app at 9 AM and 2 PM for quota top-ups. This article is shared for educational purposes and is not investment advice.
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