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IPO: Pentech Holdings Berhad,

mhs87 — Fri, 15 May 2026 15:03:29 +0800

IPO : Bus Cap Bhd,

earshore — Wed, 06 May 2026 17:11:31 +0800

Summary — Bus Cap IPO

Bus Cap Bhd has launched its IPO prospectus for a proposed listing on the ACE Market of Bursa Malaysia, targeted for 3 June 2026.

Key IPO details:

RM0.23 per share

126.52 million shares

107.35 million new shares

19.17 million existing shares

RM24.69 million

383.38 million shares

~RM88.18 million

~8.98x

Use of IPO proceeds:

RM9.10 million

RM5.03 million

RM6.16 million

RM4.40 million

Business overview:

Bus Cap designs and manufactures bus bodies, assembles bus bodies with chassis, installs fittings to make complete buses, and provides repair and maintenance services.

Its buses serve the stage bus, express bus, tour bus, worker bus and shuttle bus markets in Malaysia and Singapore.

FY2025 performance:

RM88.08 million

RM9.81 million

131 units

168 buses

78%

194 buses per year

This is a small-cap ACE Market IPO for a profitable bus body manufacturer. The listing is mainly to fund factory expansion, machinery, and working capital. The valuation does not look extreme on headline PE, but the growth story depends on whether Bus Cap can convert the new capacity into higher deliveries and sustain demand for buses in Malaysia and Singapore.

IPO: MM Computer Systems Berhad,

mhs87 — Tue, 05 May 2026 14:42:03 +0800

IPO: Gold Li Holdings Berhad, Gold Li Holdings Berhad

kb2005 — Tue, 05 May 2026 14:14:19 +0800

Gold Li Holdings Berhad

Gold Li Holdings Berhad, through its subsidiaries, is a property developer specializing in the development of landed residential properties, including terrace, semi-detached, and detached houses. The company's primary operations are located in the districts of Muar, Tangkak, and Batu Pahat in the state of Johor. In addition to property development, the Group undertakes in-house construction activities, acting as the main contractor for its projects. This includes construction planning, management, and main building works. The company was incorporated in Malaysia in February 2025 and converted to a public limited company in July 2025 to facilitate its listing.

IPO : SkyeChip Berhad,

mhs87 — Tue, 28 Apr 2026 12:42:27 +0800

IPO: Manforce Group Berhad, Manforce Group Berhad

kb2005 — Tue, 21 Apr 2026 09:33:15 +0800

Manforce Group Berhad

IPO : INSPACE BHD,

RAGALIA — Fri, 17 Apr 2026 13:51:43 +0800

Inspace Creation Bhd, an interior fit-out services firm, is seeking to raise funds totalling RM24 million for expansion and its shareholders from listing on the ACE Market.

The initial public offering (IPO), priced at 25 sen per share, will raise RM17.1 million for the company and another RM7.3 million for its two executive directors, according to the prospectus launched on Monday.

Applications will close on April 22 and the listing is scheduled for May 8.

IPO : EI Power Berhad,

mhs87 — Fri, 17 Apr 2026 10:18:00 +0800

IPO : Enest Group Berhad,

jack~daniel — Fri, 10 Apr 2026 22:12:08 +0800

What the Company Does
Enest is a bird's nest (edukung burung) company — it processes raw unclean bird's nest (RUBN) into cleaned and ready-to-export bird's nest (RCEBN), trades raw EBN, and sells processed bottled bird's nest products. Its subsidiaries Ming Feng and Dynamic Transforms are among the top 10 Malaysian exporters of RCEBN to China by volume. This is a transfer listing from the LEAP Market to the ACE Market.

🟢 Positives
1. Consistent revenue growth. Revenue has grown every year — RM113M → RM120M → RM146M — with FY2024 showing a strong 21.5% jump. This is the opposite of Sum Technology's revenue decline.
2. PATAMI growing strongly. Profit attributable to shareholders grew 20.5% in FY2024 to RM8.04M. Earnings momentum is clearly positive.
3. Sector tailwinds are real. Malaysia EBN exports grew at a 12.9% CAGR from 2019 to 2024, and the industry is forecast to grow another 11.9% CAGR to 2027 — driven by rising Chinese consumer demand and health consciousness. This is a genuine structural story.
4. Market leader credentials. Ming Feng and Dynamic Transforms are in the top 10 Malaysian RCEBN exporters to China — a meaningful competitive position in a fragmented market.
5. China concentration is actually improving. China revenue has dropped from 91.9% to 67.4% of total, while Malaysia grew from 6.8% to 31.4%. Diversification is happening organically.
6. No order book risk. Unlike project-based businesses, Enest operates on purchase order flow — revenue is recurring in nature rather than lumpy.

🔴 Concerns
1. Gross margins are compressing. GP margin has fallen from 12.5% to 10.3% over three years. This is partly due to a shift toward trading of raw EBN (lower margin) vs processing (higher margin). If this trend continues, profit growth may slow.
2. Still highly dependent on China. Even at 67.4%, China remains the dominant market. Any tightening of GACC (Chinese food safety authority) regulations, export quota restrictions, or geopolitical friction could materially hurt the business. The prospectus explicitly flags GACC registration renewal as a key risk.
3. Labour-intensive processing. Cleaning bird's nest is done manually by hand — the company relies heavily on skilled foreign workers. Labour shortages are a real operational risk.
4. Rising debt. Total borrowings surged from ~RM5.7M (FY2022) to RM17.8M (FY2024). This coincides with property purchases and business expansion, but it's a notable increase in financial leverage.
5. No dividends paid in FY2022–2024, and none planned until listing. With no formal dividend policy, shareholders rely entirely on capital appreciation.
6. Thin PAT margins of ~5.8%. Profit margins are stable but slim for a food processing business. There's not much buffer if costs rise or selling prices drop.

The Key Takeaway
At RM 0.14, Enest trades at a PE of only 10x — well below the peer average of 17.75x and less than half of comparable listed EBN players like Beshom (23x) and Xiamen Yan Palace (23x). If the market were to re-rate Enest toward the peer average, you'd be looking at a share price of around RM 0.25–0.30 — roughly 80–100% upside from IPO price.
The fundamentals haven't changed — revenue growing 21.5%, PATAMI up 20.5% in FY2024, recurring purchase-order revenue, top-10 RCEBN exporter to China. But at half the price, the margin of safety is meaningfully better. The risks (GACC dependency, compressing GP margins, rising debt, no dividends) remain the same, but you're being compensated much better for them.

IPO: 5E RESOURCES HOLDINGS BERHAD,

jayzac — Wed, 01 Apr 2026 11:23:27 +0800

5E Resources Holdings Berhad, through its subsidiaries, is principally involved in the provision of scheduled waste management services, the supply of recovered and recycled products, and the trading of chemicals and other products in Malaysia. The Group's core activities include testing, collection, recovery, and recycling of various scheduled wastes for diverse industries such as semiconductor, E&E, chemical, and manufacturing. Key processes include waste acid and alkali recycling, waste oil and coolant recycling, e-waste recovery, and thermal oxidation. The recovered and recycled products, such as precious metals, solvents, and containers, are sold to customers or used in-house. The Group also trades chemicals like acids, ammonia, and industrial alcohol. Operations are conducted from its licensed facilities in Pasir Gudang, Johor, with plans to expand into Perak to serve the central and northern regions of Peninsular Malaysia.

Listing Price: 0.26
Shariah Status: Yes
Number of Shares: 1,540,000,000
MITI Allocation Status: Yes
Market Cap (M): 400.400
Closing Date: 03 Apr 2026
PE Ratio: 16.51 (Annualised)
Balloting Date: 07 Apr 2026

Principal Adviser
TA Securities Holdings Berhad

Listing Date
15 Apr 2026

Issuing House
Tricor Investor & Issuing House (TIIH)

Market
ACE

Sector
Industrial Products & Services

IPO : AMS Advanced Material,

jack~daniel — Tue, 31 Mar 2026 12:23:40 +0800

What They Do
AMS is a trader and processor of semi-finished aluminium and copper products — essentially a middleman that imports aluminium sheets, plates, coils, extrusions and copper products, break-bulks them, and distributes to manufacturers in Malaysia (primarily in E&E, semiconductor, construction and automotive). They are expanding into aluminium architectural products manufacturing and scrap recycling.

The Growth Story is Real
Revenue has genuinely grown fast — from RM60.5M in FY2023 to RM129.7M in FY2025, almost doubling in two years. This rides on Malaysia's booming semiconductor and E&E manufacturing investments, and their strategy to expand from pure trading into processing/manufacturing (which should command better margins). That story is credible and the market tailwind is real.

The Fundamental Problem — Margins
But here's the issue: this is a trading business, and trading businesses are structurally low-margin. At 6.6% PAT margin, every RM100 in sales leaves only RM6.60 in profit. When something goes wrong — a customer leaves, aluminium prices spike, the ringgit weakens — there is very little cushion. This also makes the PE of 20.7× very hard to justify. You'd normally pay 20× PE for a high-margin, high-growth business. Paying 20× for 6.6% margins is risky.

Customer Concentration is a Real Threat
Customer A contributed 20.95% of FY2025 revenue with no long-term contract. In a low-margin business, losing that single customer doesn't just reduce revenue — it can turn a profitable year into a loss year. This is the single most important risk to understand before investing.

Verdict
Proceed with caution. The growth momentum is genuine and the sector tailwind is favourable, but you're paying a growth stock price (20.7× PE) for a commodity trading business with thin margins, single-customer concentration risk, no dividend policy, and meaningful forex exposure. it could work well if the Penang manufacturing plant upgrades margins, but there's limited downside protection if anything goes wrong.

IPO :Liftech Group Berhad,

jack~daniel — Tue, 31 Mar 2026 11:12:24 +0800

What Liftech Does
Liftech is a Malaysia-based industrial lifting and handling equipment company with 33 years of track record. They design, manufacture, install, and service cranes, hoists, and aerial work platforms. They operate 8 facilities nationwide and derive ~97% of revenue from Malaysia. It's listing on the ACE Market (the higher-risk alternative market for emerging companies).

Valuation at RM 0.29
At the indicative price:

Market cap: RM 91.3 million
P/E ratio: ~13.9× based on FY2024 PAT of RM 6.58 million — this is reasonable for an ACE Market listing, not cheap but not egregious
Premium to net assets: 107% — you're paying RM 0.29 for a share with net assets of RM 0.14, which is a significant premium, though common for profitable companies on listing

What's Attractive
The most compelling part of the story is gross profit margin expansion — from 27.5% in FY2022 to 40.3% in FY2024. This suggests the company has been moving up the value chain and improving pricing power. Revenue also recovered strongly to RM 57.7M in FY2024 after a dip in FY2023. They have a diversified customer base (top 5 customers contributed only 18.8% of revenue in FY2024) which reduces dependency risk.

Key Concerns
The biggest red flag is that PAT actually fell from RM 6.72M in FY2023 to RM 6.58M in FY2024, even though revenue and gross profit grew. This means cost inflation is eating into profits at the bottom line level. The business is also project-based and lumpy — there are no long-term contracts and revenue can fluctuate significantly year to year. The prospectus is also frank that they are key-man dependent on their executive directors.
The 107% premium over net assets at RM 0.29 means you're entirely pricing in future earnings growth. If growth doesn't materialize, the downside is meaningful.

Overall Verdict
Cautiously consider, not a strong buy at RM 0.29. The business is fundamentally sound with improving margins and a long track record, but the valuation already reflects a fairly optimistic scenario. The PE of ~14× is fair — not a bargain — for a small ACE Market engineering company with project-based revenue. If you're looking for a short-term listing gain, it depends heavily on market sentiment and IPO subscription demand, which is hard to predict. For longer-term investors, the margin expansion trend is encouraging, but watch whether profits recover in FY2025.
As always, this analysis is not a substitute for advice from a licensed financial adviser. Consider your own risk tolerance — the ACE Market explicitly carries higher investment risk than the Main Market.

Ipo : MTT SHIPPING AND LOGISTICS BERHAD, Ipo : MTT SHIPPING AND LOGISTICS BERHAD

tnang — Mon, 30 Mar 2026 13:15:45 +0800

MTT Shipping and Logistics Berhad is an investment holding company. Through its subsidiaries, MTT Shipping and Logistics Berhad specialises in providing container liner shipping services, vessel chartering services, as well as container storage and other container‑related services.

Listing Price
1.030
Shariah Status
Yes
Number of Shares
2,500,000,000
MITI Allocation Status
Yes
Market Cap (M)
2,575.000
Closing Date
03 Apr 2026
PE Ratio
10.28
Balloting Date
09 Apr 2026

Principal Adviser
CIMB Investment Bank Berhad
Listing Date
21 Apr 2026

Issuing House
AscendServ Capital Markets Services Sdn Bhd
Market
MAIN

Sector
Transportation & Logistics

IPO : Golden Destination (GD),

RAGALIA — Thu, 26 Mar 2026 11:46:24 +0800

Golden Destinations Group Berhad IPO

ACE Market
Shariah Status: SC (Yes)
IPO Price: RM 0.45

Closing date :06-Apr-2026
Balloting date: 08-Apr-2026
Listing date: 16-Apr-2026

Business:
-Golden Destinations Group Berhad, through its principal subsidiary ICE Holidays, operates as a full-service outbound travel experience curator in Malaysia. The company offers a comprehensive suite of outbound travel products and services under its flagship brand, Golden Destinations (GD). It functions primarily within the B2B segment, serving a wide network of licensed travel agents who act as its main distribution channel. The Group's offerings include a variety of curated travel experience packages such as series travel, cruise travel, and other specialized tours (FIT, MICE, Domestic), alongside standalone travel support services like flight ticketing, hotel reservations, and visa applications. Incorporated in Malaysia, the company has established a strong brand presence and extensive industry knowledge over approximately 30 years of operation.

IPO : Empire Sushi,

gaijin — Wed, 25 Mar 2026 16:46:29 +0800

Source: https://theedgemalaysia.com/node/797270

QUOTE

KUALA LUMPUR (March 25): Empire Premium Food Bhd, the operator of Empire Sushi chain, on Wednesday launched its Main Market listing, which will raise some RM254 million.

The initial public offering (IPO), indicatively priced at 70 sen a piece, will raise RM152.6 million for the company and another RM101.5 million for Jordan Tan and Nicole Lim, the husband-and-wife co-founders of Empire Premium, according to its official prospectus.

Applications for the retail offering will close on March 31, while order-taking for the institutional tranche will end on April 1. The final price will be the lower of the retail price or the institutional price following bookbuilding.

The IPO is expected to be priced on April 7 and listing has been scheduled for April 17.

Empire Premium will have a market capitalisation of RM770 million upon listing based on the IPO price, valuing the company at 20 times its earnings for the financial year ended March 31, 2025 (FY2025).

Empire Premium Food CEO Nicole Lim
Empire Premium currently owns 143 outlets, out of which 127 are takeaway stores and 16 quick dine-in eateries. In FY2025, the company made a net profit of RM37.92 million on revenue of RM235.6 million.

Over the next three years, the group is targeting the opening of 56 new outlets over the next three years, as it accelerates domestic expansion.

Lim, the chief executive of Empire Premium, said the group will expand nationwide without focusing on specific regions, prioritising prime locations such as shopping centres, airports and transit hubs to capture consumer demand.

Empire Premium Food CFO Jack Lim
Meanwhile, chief financial officer Jack Lim, who is also Nicole’s brother, said the company has allocated about RM79.1 million, or 51.8% of the proceeds from the IPO's public issue, for the expansion.

Jack said the average payback period for new outlets is about nine months, with capital expenditure ranging from RM550,000 for grab-and-go outlets to about RM1 million for quick dining formats.

The group expects same-store sales growth of 3% to 5% for the financial year, supported by stronger performance in the second half, which typically includes peak festive periods. For the six months ended Sept 30, 2025 (1HFY2026), the group registered same-store sales growth of 1.6%

To sustain margins amid rising costs, Nicole said the company refreshes its menu every quarter, replacing underperforming items with new or higher-margin offerings to drive sales.

She added that operational efficiency is supported by standard operating procedures that keep wastage at around 7%, balancing inventory control with product availability.

Nearly all outlets are halal-certified, with newly opened stores undergoing certification processes that typically take up to six months.

On operational challenges, she said staff training remains a key focus due to the technical skills required in sushi preparation, while maintaining product quality is critical as the network expands.

Nicole said the company will prioritise organic growth and quality control over franchising, while leveraging its listing to attract professional talent and strengthen long-term sustainability.

From the IPO proceeds, Empire Premium is also allocating RM52.1 million (34.1%) for working capital, RM12.6 million (8.3%) to upgrade and refurbish existing outlets and the rest for listing expenses.

Maybank Investment Bank is the principal adviser, sole placement agent, sole bookrunner and sole bookrunner and sole underwriter for the IPO.

IPO: Sunway Healthcare,

nexona88 — Fri, 27 Feb 2026 12:07:05 +0800

Sunway Healthcare Holdings Bhd (SHH) aims to raise RM833.8 million through its initial public offering (IPO), priced at RM1.45 per share ahead of its listing on the Main Market of Bursa Malaysia.

According to the prospectus, from the IPO proceeds, a total of RM554.05 million or 66.5 per cent will be used for capital expenditure for expansion of the group’s existing hospitals within 36 months from the date of its listing.

"A further RM249.71 million (29.9 per cent) will be used for redemption of the sukuk wakalah within 24 months of its listing and RM30 million (3.6 per cent) to defray fees and expenses in relation to the IPO," it said.

IPO: ADNEX Group Berhad,

shokano — Thu, 26 Feb 2026 14:42:08 +0800

Adnex Group Bhd, an interior fit-out firm, is seeking to raise RM26 million for expansion and its shareholders from listing on the ACE Market. Adnex specialises in providing interior fit-out services for commercial and industrial properties, mainly for use as corporate offices, food-and-beverage outlets, and sales galleries.

The company, based in Shah Alam, Selangor, has an unbilled order book of RM66 million. About half of the orders from the past two years came from recurring customers, of which 90% are US and European multinational companies.

Market: ACE
Principal Adviser: Public Investment Bank
Shariah Status: Yes
Listing Price: 0.20
MITI allocation: Yes
Opening of application: 26 Feb 2026
Closing of application: 05 Mar 2026
Balloting of application: 09 Mar 2026
Allotment of IPO shares to successful applicants: 16 Mar 2026
Tentative listing date: 17 Mar 2026

OGX GROUP BHD, NEW IPO

pileepalah — Fri, 13 Feb 2026 10:45:38 +0800

OGX GROUP BERHAD
0.35 CTS

Listing 12 Mar 2026
total 225,000,000 Public 37,500,000

Additional information

TIIH Share Issue A/C No.818

Bursa Malaysia BoardACE Market

Opening Date12 Feb 2026

Closing Date02 Mar 2026

Ballot Date04 Mar 2026

Advisor UOB KAY HIAN (M) SDN BHD

hmmm....tis one should be better than telur , right

IPO : Space X,

Gold_Moderator — Tue, 10 Feb 2026 23:10:53 +0800

Anyone ?

IPO: TEAMSTAR BERHAD, IPO: TEAMSTAR BERHAD

kb2005 — Tue, 27 Jan 2026 17:13:40 +0800

Teamstar Berhad, through its subsidiaries, is principally involved in the home improvement industry in Malaysia. The Group's activities include the retail sale of furniture fittings, general hardware, kitchen and home appliances; the trading of furniture fittings; and providing value-added services such as slitting of edge banding, and the mixing and sale of coatings and solvents. Operating since 1996, the Group has a network of 29 retail outlets across Peninsular Malaysia under the 'Teamstar' and 'Benova' brands. It also sells products under 11 in-house brands and is an authorized dealer for 60 third-party brands. The business is divided into a retail segment and a trading and value-added segment, serving both retail customers and trading customers like furniture manufacturers and contractors.

Market: ACE
Principal Adviser: TA Securities Holdings Bhd
Shariah Status: SC (Yes)
Listing Price: 0.26
MITI allocation?: Yes
Closing Date: 09-Feb-2026
Balloting Date: 11-Feb-2026
Listing Date: 25-Feb-2026