IPO Analysis

Upcoming Listing

Wawasan Dengkil Holdings Berhad DENGKIL | Wawasan Dengkil Holdings Berhad

Wawasan Dengkil Holdings Berhad (WDHB) is focusing on providing comprehensive construction services. The company specializes in earthworks and civil engineering activities, including site clearing, drainage system installation, and roadworks, supporting diverse projects such as residential developments, renewable energy facilities, and commercial infrastructures. WDHB also engages in the trading of essential construction materials, including sand, stone, and earth, alongside offering rental services for a wide range of machinery and commercial vehicles, such as bulldozers, excavators, and tipper trucks. Through these integrated operations, WDHB caters to a broad client base, encompassing property developers, renewable energy enterprises, and government-linked organizations. WDHB was incorporated in 2023 and headquartered in Dengkil, Selangor, Malaysia.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Purchase of machineries and commercial vehicles 7,580 28.1
Working capital Project working capital 9,850 36.5
Working capital General working capital 1,426 5.3
Others Office renovations 300 1.1
Listing expenses Estimated listing expenses 4,000 14.8
Debt Repayment of bank borrowings 3,850 14.2
Total 27,006 100
Market: ACE
Principal Adviser: M&A Securities Sdn Bhd
Shariah Status: SC (Yes)
Listing Price: 0.25
PE Ratio: 11.2-11.9
    PE (FYE): 11.9
    PE (FPE Annualised): 11.23
    PE (Hybrid): 11.48
    PE (Latest Qtr): 11.5
MITI allocation?: Yes
Closing Date: 11-Mar-2025
Balloting Date: 13-Mar-2025
Listing Date: 25-Mar-2025
Oversubscription rate: 17.39x
Average Analysts FV*: This feature is limited for iSaham Pro clients only
Mplus (0.37), TA (0.29)
iSaham IPO Score***: This feature is limited for iSaham Pro clients only
Market Cap: 135.03 M
Number of Shares: 540.13 M
IPO Allocations No. of Shares %
Malaysian Public 27.01 M 5.0%
Bumiputera shareholders approved by MITI 67.52 M 12.5%
Eligible Directors and employees 10.803 M 2.0%
Private placement to selected investors and others 56.711 M 10.5%
Total Allocations 162.04 M 30.0%

Offer for Sales of 54.01 M existing shares representing 10.0% enlarged shares.

Public Issue of 108.03 M new shares representing 20.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Chemlite Innovation Berhad CLITE | Chemlite Innovation Berhad

Chemlite Innovation Berhad, incorporated in May 2024 and headquartered in Penang, Malaysia, is a key player in the engineering support industry, specializing in surface finishing treatment services. The company offers comprehensive metal plating techniques, including electroplating and electroless plating, as well as non-metal plating methods such as anodizing. These services cater to industries like semiconductor, electronics, and machinery, enhancing product functionality and aesthetics. With a robust technical team, advanced facilities, and a commitment to quality, Chemlite serves major markets in Malaysia and the Philippines, providing tailored solutions to meet diverse customer needs.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Expansion of Group's facility 7,800 26
Expansion Set-up of cleanrooms 7,000 23.33
Expansion Capital expenditure on machineries and equipment 1,000 3.33
Expansion Establish a research and development department 500 1.68
Working capital Working capital 4,200 14
Listing expenses Estimated listing expenses 4,000 13.33
Debt Repayment of bank borrowings 5,500 18.33
Total 30,000 100
Market: ACE
Principal Adviser: UOB Kay Hian Securities (M) Sdn Bhd
Shariah Status: SC (Yes)
Listing Price: 0.25
PE Ratio: 16.23
    PE (FYE): 16.23
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
Closing Date: 12-Mar-2025
Balloting Date: 14-Mar-2025
Listing Date: 26-Mar-2025
Oversubscription rate: 28.41x
Average Analysts FV*: This feature is limited for iSaham Pro clients only
TA (0.29), Mplus (0.40), Mercury (0.36)
iSaham IPO Score***: This feature is limited for iSaham Pro clients only
Market Cap: 150.00 M
Number of Shares: 600.00 M
IPO Allocations No. of Shares %
Malaysian Public 30.00 M 5.0%
Bumiputera shareholders approved by MITI 75.00 M 12.5%
Eligible Directors and employees 21.0 M 3.5%
Private placement to selected investors and others 54.0 M 9.0%
Total Allocations 180.00 M 30.0%

Offer for Sales of 60.00 M existing shares representing 10.0% enlarged shares.

Public Issue of 120.00 M new shares representing 20.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
HI Mobility Berhad HI | HI Mobility Berhad

HI Mobility Berhad focusing on comprehensive bus transportation services through its subsidiary, Handal Indah Sdn. Bhd. The company operates a range of scheduled and non-scheduled bus services, including cross-border routes between Johor Bahru and Singapore, as well as intracity services within Johor, Melaka, the Klang Valley, and parts of Singapore. Additionally, it provides intercity services linking various Malaysian cities. HI Mobility also caters to corporate, tourism, and community needs through chartered bus services that allow for customized routes and schedules. Beyond transportation, the company diversifies its operations by offering maintenance and repair services for its fleet and advertising space on its buses, enhancing its revenue streams. HI Mobility was incorporated in 2024 and headquartered in Johor Bahru, Malaysia.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Bus fleet expansion and electrification 70,000 60.4
Expansion Expansion of EV charging infrastructure 15,000 12.9
Expansion Technological enhancement 5,000 4.4
Working capital Working capital 17,900 15.4
Listing expenses Defraying fees and expenses in relation to our IPO and Listing 8,000 6.9
Total 115,900 100
Market: Main
Principal Adviser: Maybank Investment Bank Berhad
Shariah Status: SC (Yes)
Listing Price: 1.22
PE Ratio: 13.6-18.4
    PE (FYE): 18.40
    PE (FPE Annualised): 13.58
    PE (Hybrid): 14.3
MITI allocation?: Yes
Closing Date: 19-Mar-2025
Balloting Date: 21-Mar-2025
Listing Date: 28-Mar-2025
Oversubscription rate: 6.57x
Average Analysts FV*: This feature is limited for iSaham Pro clients only
Mplus (1.57), TA (1.51), RHB (1.40)
iSaham IPO Score***: This feature is limited for iSaham Pro clients only
Market Cap: 610.00 M
Number of Shares: 500.00 M
IPO Allocations No. of Shares %
Malaysian Public 10.00 M 2.0%
Bumiputera shareholders approved by MITI 47.50 M 9.5%
Eligible Directors and employees 5.0 M 1.0%
Private placement to selected investors and others 67.5 M 13.5%
Total Allocations 130.00 M 26.0%

Offer for Sales of 35.00 M existing shares representing 7.0% enlarged shares.

Public Issue of 95.00 M new shares representing 19.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Sumisaujana Group Berhad SUMI | Sumisaujana Group Berhad

Sumisaujana Group Berhad, incorporated in 2021 and headquartered in Bandar Puncak Alam, Selangor, Malaysia, is a key player in the specialty chemicals industry, focusing on the development, manufacturing, and supply of oilfield chemicals. The group specializes in solutions for upstream and downstream oil and gas operations, offering a wide range of chemical products such as corrosion inhibitors, demulsifiers, and scale inhibitors. Sumisaujana emphasizes innovation and environmental sustainability in its operations, supported by an experienced team and advanced manufacturing facilities. With a strong commitment to quality and client satisfaction, the company serves a diverse clientele in Malaysia and beyond, positioning itself as a reliable partner in the oil and gas supply chain.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Acquisitions of the New Puncak Alam Warehouseand New Puncak Alam Corporate Office 40,200 54.03
Expansion Acquisition of the existing Puncak Alam Factory 18,900 25.4
Expansion Capital expenditure 2,080 2.8
Expansion Expansion of R&D division 7,620 10.24
Listing expenses Estimated listing expenses 5,600 7.53
Total 74,400 100
Market: ACE
Principal Adviser: RHB Investment Bank Berhad
Shariah Status: SC (Yes)
Listing Price: 0.24
PE Ratio: 11.3-24.8
    PE (FYE): 11.32
    PE (FPE Annualised): 24.75
    PE (Hybrid): 21.8
    PE (Latest Qtr): 20.2
MITI allocation?: Yes
Closing Date: 25-Mar-2025
Balloting Date: 28-Mar-2025
Listing Date: 09-Apr-2025
Average Analysts FV*: This feature is limited for iSaham Pro clients only
Mplus (0.30), TA (0.235)
iSaham IPO Score***: This feature is limited for iSaham Pro clients only
Market Cap: 346.46 M
Number of Shares: 1,443.60 M
IPO Allocations No. of Shares %
Malaysian Public 72.50 M 5.02%
Bumiputera shareholders approved by MITI 180.45 M 12.5%
Eligible Directors and employees 24.4 M 1.69%
Private placement to selected investors and others 122.65 M 8.5%
Total Allocations 400.00 M 27.71%

Offer for Sales of 90.00 M existing shares representing 6.23% enlarged shares.

Public Issue of 310.00 M new shares representing 21.47% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
MSB Global Group Berhad MSB | MSB Global Group Berhad

MSB Global Group Berhad, incorporated in November 2021 and headquartered in Johor Bahru, Johor, Malaysia, is primarily engaged in the marketing, trading, and distribution of aftermarket automotive parts and components as well as automotive lubricants and fluids. Through its subsidiaries, the Group also trades other products such as outdoor telecommunication cabinets and related electrical items. MSB Global offers a broad portfolio of automotive products, including its in-house brands like FK Fukuoka, ZR Zuric, WHLI, LOTUS, AFA, and RAINEATER, alongside third-party brands like Mitsuba. With over 24 years of operational expertise, MSB Global has built a solid reputation and maintains a large and diverse customer base across Malaysia, supported by a strong presence in key markets.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Reconstruction of a new factory cum warehouse 4,974 18.7
Expansion Purchase of new machinery and equipment 6,005 22.58
Working capital General working capital requirements 4,786 17.99
Others New in-house branded EV charger 835 3.14
Listing expenses Estimated listing expenses 4,500 16.92
Debt Repayment of bank borrowings 5,500 20.67
Total 26,600 100
Market: ACE
Principal Adviser: M&A Securities Sdn Bhd
Shariah Status: SC (Yes)
Listing Price: 0.20
PE Ratio: 12.1-14.8
    PE (FYE): 14.81
    PE (FPE Annualised): 12.14
    PE (Hybrid): 13.17
MITI allocation?: Yes
Closing Date: 04-Apr-2025
Balloting Date: 08-Apr-2025
Listing Date: 15-Apr-2025
Average Analysts FV*: This feature is limited for iSaham Pro clients only
iSaham IPO Score***: This feature is limited for iSaham Pro clients only
Market Cap: 122.00 M
Number of Shares: 610.00 M
IPO Allocations No. of Shares %
Malaysian Public 30.50 M 5.0%
Bumiputera shareholders approved by MITI 76.25 M 12.5%
Eligible Directors and employees 6.1 M 1.0%
Private placement to selected investors and others 94.15 M 15.43%
Total Allocations 207.00 M 33.93%

Offer for Sales of 74.00 M existing shares representing 12.13% enlarged shares.

Public Issue of 133.00 M new shares representing 21.8% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only

MITI IPO

Companies that have opened for MITI applications


Hartanah Kenyalang Berhad Hartanah Kenyalang Berhad

Hartanah Kenyalang Berhad is principally focuses on building construction services through its subsidiaries, Hartanah Construction, particularly institutional buildings like schools and other public buildings, as well as non-residential buildings. Additionally, it provides infrastructure construction services with a focus on bridges and roads in East Malaysia. As a registered CIDB G7 and SPKK G7 contractor, Hartanah undertakes high-value public sector projects, including collaborations with government-linked companies. Hartanah was incorporated in 2023 and headquarters in Kuching, Sarawak, Malaysia.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Purchase of machineries and IT related hardware and software 0 0
Working capital Project working capital 0 0
Listing expenses Defray fees and expenses relating to our Listing 0 0
Total 0 100
Market: ACE
Principal Adviser: TA Securities Holdings Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: SC (Yes)
Price: 0.16
Est. PE Ratio: 11.9-14.2
    PE (FYE): 14.16
    PE (FPE Annualised): 11.95
    PE (Hybrid): -
MITI allocation?: Yes
MITI Application Open Date: 14-Mar-2025
MITI Application Close Date: 18-Mar-2025
Market Cap: 99.20 M
Number of Shares: 620.00 M
IPO Allocations No. of Shares %
Malaysian Public 31.00 M 5.0%
Bumiputera shareholders approved by MITI 77.50 M 12.5%
Eligible Directors and employees 18.6 M 3.0%
Private placement to selected investors and others 71.3 M 11.5%
Total Allocations 198.40 M 32.0%

Offer for Sales of 77.50 M existing shares representing 12.5% enlarged shares.

Public Issue of 120.90 M new shares representing 19.5% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Fibromat (M) Berhad Fibromat (M) Berhad

Fibromat (M) Berhad, incorporated in 2012 and headquartered in Batu Caves, Selangor, Malaysia, is a prominent provider of geotechnical solutions focused on erosion control, ground improvement, and sediment control. The company specializes in designing, manufacturing, and installing geotechnical solutions using geosynthetics, erosion control products, and biomass materials. Fibromat also engages in trading a wide range of geosynthetics, offering innovative solutions for diverse applications, including residential and commercial developments, infrastructure projects, and environmental protection initiatives. Through its integrated approach and advanced capabilities, Fibromat supports clients in achieving sustainable and cost-effective outcomes across Malaysia's evolving infrastructure landscape​.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Purchase of machinery 0 0
Working capital Working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: M & A Securities Sdn Bhd
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: SC (Yes)
Price: 0.40
Est. PE Ratio: 11.76
    PE (FYE): 11.76
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
MITI Application Open Date: 11-Mar-2025
MITI Application Close Date: 15-Mar-2025
Market Cap: 99.31 M
Number of Shares: 248.28 M
IPO Allocations No. of Shares %
Malaysian Public 12.41 M 5.0%
Bumiputera shareholders approved by MITI 31.03 M 12.5%
Eligible Directors and employees 6.207 M 2.5%
Private placement to selected investors and others 7.448 M 3.0%
Total Allocations 57.10 M 23.0%

Offer for Sales of 24.83 M existing shares representing 10.0% enlarged shares.

Public Issue of 32.28 M new shares representing 13.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
ASM Automation Group Berhad ASM Automation Group Berhad

ASM Automation Group Berhad is specializes in automation machinery solutions, primarily catering to the F&B manufacturing industry. The company designs, develops, fabricates, installs, tests, and commissions machinery that automates both manufacturing (front-of-line, or FOL) and packaging (end-of-line, or EOL) processes. Its FOL solutions are used in producing snacks, confectionery, and cereals, while EOL solutions support the packaging of these and other products, including coffee, flour, currency notes, and poultry. ASM provides end-to-end support, from custom design and programming to module integration and testing. Beyond automation, the company offers complementary technical support services like maintenance, modifications, and spare parts supply, and can create custom-built equipment when needed. The company delivers advanced manufacturing automation to a wide range of industries, serving clients both locally and internationally. ASM was incorporated in 2024 and headquartered in Ipoh, Perak, Malaysia.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Acquisition of land and construction of a new factory 0 0
Expansion Purchase of machines, equipment and components for the assembly of demonstration machinerie 0 0
Working capital Working capital 0 0
Others D&D activities 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: M & A Securities Sdn Bhd
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: SC (Yes)
Price: 0.17
Est. PE Ratio: 12.78
    PE (FYE): 12.78
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
MITI Application Open Date: 10-Mar-2025
MITI Application Close Date: 14-Mar-2025
Market Cap: 90.91 M
Number of Shares: 534.76 M
IPO Allocations No. of Shares %
Malaysian Public 26.74 M 5.0%
Bumiputera shareholders approved by MITI 66.85 M 12.5%
Eligible Directors and employees 10.696 M 2.0%
Private placement to selected investors and others 77.539 M 14.5%
Total Allocations 181.82 M 34.0%

Offer for Sales of 53.48 M existing shares representing 10.0% enlarged shares.

Public Issue of 128.34 M new shares representing 24.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Signature Alliance Group Berhad Signature Alliance Group Berhad

Signature Alliance Group Berhad (SAG), incorporated in 2024 and headquartered in Kajang, Selangor, Malaysia, is a leading provider of interior fitting-out services and building construction solutions. The company focuses on delivering comprehensive project execution, encompassing design customization, production, and installation of high-quality carpentry, joinery, and wooden furniture. SAG also specializes in crafting integral fixtures and implementing tailored air-conditioning ducting systems to meet specific client requirements. Additionally, the company provides on-demand maintenance services to ensure the long-term performance and quality of its completed projects. With a focus on precision, craftsmanship, and ensuring quality delivery, SAG is recognized for its expertise in meeting the interior fitting-out and construction needs of residential, commercial, and industrial projects in Malaysia.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Setup of corporate office and production facility in Selangor 0 0
Expansion Purchase of machinery and equipment 0 0
Expansion Expansion/ establishment of branch offices in Pulau Pinang and Johor 0 0
Working capital Working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: M & A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Price: 0.62
Est. PE Ratio: 59.62
    PE (FYE): 59.62
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
MITI Application Open Date: 06-Mar-2025
MITI Application Close Date: 12-Mar-2025
Market Cap: 620.00 M
Number of Shares: 1,000.00 M
IPO Allocations No. of Shares %
Malaysian Public 50.00 M 5.0%
Bumiputera shareholders approved by MITI 125.00 M 12.5%
Eligible Directors and employees 30.0 M 3.0%
Private placement to selected investors and others 35.0 M 3.5%
Total Allocations 240.00 M 24.0%

Public Issue of 260.00 M new shares representing 26.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Oasis Home Holding Berhad Oasis Home Holding Berhad

Oasis Home Holding Berhad is focusing on marketing and selling a variety of consumer lifestyle products through both online and offline channels. Key products include home and living, beauty and personal care, and wellness items, available under in-house brands and third-party suppliers. The company leverages live commerce, its mobile app, and website as main sales channels, while also utilizing e-commerce platforms like Lazada, Shopee, and TikTok Shop. Within offline, Oasis Home operates through product experience centers, a mobile showroom, and warehouse sales. Products are sourced from both local and international manufacturers, with a particular emphasis on unique international offerings that cater to current market trends and preferences. Oasis Home was incorporated in 2021 and headquartered in Puchong, Selangor, Malaysia.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Expansion of live commerce sales channel 0 0
Expansion Set-up of own fulfilment centre 0 0
Expansion Set-up of New HQ 0 0
Working capital Working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: MIDF Amanah Investment Bank Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: SC (Yes)
MITI allocation?: Yes
MITI Application Open Date: 26-Feb-2025
MITI Application Close Date: 04-Mar-2025
Number of Shares: 500.00 M
IPO Allocations No. of Shares %
Malaysian Public 25.00 M 5.0%
Bumiputera shareholders approved by MITI 62.50 M 12.5%
Eligible Directors and employees 10.0 M 2.0%
Private placement to selected investors and others 52.5 M 10.5%
Total Allocations 150.00 M 30.0%

Offer for Sales of 50.00 M existing shares representing 10.0% enlarged shares.

Public Issue of 100.00 M new shares representing 20.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
ICT Zone Asia Berhad ICT Zone Asia Berhad

ICT Zone Asia Berhad, incorporated in 2019 and headquartered in Kuala Lumpur, Malaysia, is a leading provider of end-to-end ICT solutions. The company’s core activities encompass technology financing, trading of ICT hardware and software, and delivering advanced cloud solutions tailored to meet the needs of diverse clients. Serving government-linked entities, enterprises, and retail customers, ICT Zone integrates flexible leasing and rental models with ICT consultancy, implementation, and lifecycle management services. With a robust portfolio that includes its innovative DaaS 360 platform and strategic collaborations with global ICT brands, the company is at the forefront of driving digital transformation and supporting Malaysia’s evolving digital ecosystem.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Expansion of the technology financing solutions business 0 0
Expansion Sales and marketing expenditures 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Malacca Securities Sdn Bhd
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: N/A
Price: 0.20
Est. PE Ratio: 21.74
    PE (FYE): 21.74
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
MITI Application Open Date: 27-Feb-2025
MITI Application Close Date: 02-Mar-2025
Market Cap: 159.09 M
Number of Shares: 795.45 M
IPO Allocations No. of Shares %
Malaysian Public 39.77 M 5.0%
Bumiputera shareholders approved by MITI 99.43 M 12.5%
Eligible Directors and employees 4.1364 M 0.52%
Private placement to selected investors and others 44.5724 M 5.6%
Total Allocations 187.91 M 23.62%

Offer for Sales of 54.91 M existing shares representing 6.9% enlarged shares.

Public Issue of 133.00 M new shares representing 16.72% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Eco-Shop Marketing Berhad Eco-Shop Marketing Berhad

Eco-Shop Marketing Berhad, incorporated in 2006 and headquartered in Jementah, Johor, Malaysia, is a leading fixed-price retailer specializing in affordable non-grocery products. The company operates a broad network of outlets offering diverse merchandise across categories such as household essentials, stationery, toys, and kitchenware, all priced for value-conscious consumers. With strong distribution capabilities and a commitment to customer satisfaction, Eco-Shop plays a pivotal role in delivering accessible and high-quality products, positioning itself as a trusted name in Malaysia's retail landscape.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Opening of new stores 0 0
Expansion Distribution centre expansion plan 0 0
Expansion Investment in IT hardware and software 0 0
Working capital Working capital 0 0
Listing expenses Defray fees and expenses for our IPO and Listing 0 0
Total 0 100
Market: Main
Principal Adviser: Maybank Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
MITI allocation?: Yes
MITI Application Open Date: 17-Feb-2025
MITI Application Close Date: 26-Feb-2025
Number of Shares: 5,747.00 M
IPO Allocations No. of Shares %
Malaysian Public 114.94 M 2.0%
Bumiputera shareholders approved by MITI 574.70 M 10.0%
Eligible Directors and employees 71.838 M 1.25%
Private placement to selected investors and others 100.668 M 1.75%
Total Allocations 862.15 M 15.0%

Offer for Sales of 515.15 M existing shares representing 8.96% enlarged shares.

Public Issue of 347.00 M new shares representing 6.04% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
SPB Development Berhad SPB Development Berhad

SPB Development Berhad, established in 2022 and headquartered in Malaysia, specializes in comprehensive property development and construction management. The company’s core activities include residential, commercial, and mixed-use property development, supported by end-to-end project planning, design, and execution services. SPB Development integrates strategic landbanking with sustainable building practices to deliver high-quality developments tailored to market demands. By prioritizing innovation and operational efficiency, the company contributes to Malaysia’s urban development and infrastructure enhancement, creating value for communities and stakeholders alike.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Acquisition of landbank and/or development expenditure 0 0
Expansion Purchase of aluminium formwork 0 0
Working capital Working capital for future development projects 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: Main
Principal Adviser: Hong Leong Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
MITI allocation?: Yes
MITI Application Open Date: 14-Feb-2025
MITI Application Close Date: 18-Feb-2025
Number of Shares: 928.00 M
IPO Allocations No. of Shares %
Malaysian Public 18.56 M 2.0%
Bumiputera shareholders approved by MITI 116.00 M 12.5%
Eligible Directors and employees 28.4401 M 3.06%
Private placement to selected investors and others 115.3999 M 12.44%
Total Allocations 278.40 M 30.0%

Offer for Sales of 87.30 M existing shares representing 9.41% enlarged shares.

Public Issue of 191.10 M new shares representing 20.59% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
PEOPLElogy Berhad PEOPLElogy Berhad

PEOPLElogy Berhad, incorporated in 2023 and headquartered in Kuala Lumpur, Malaysia, is a dynamic provider of talent development and digital transformation solutions. The company specializes in ICT, soft skills, and leadership training, alongside offering advanced IR4.0 digital skills certification and consultancy services. PEOPLElogy supports businesses with a comprehensive suite of tools, including its proprietary PEOPLEAPS platform for digital learning management and performance tracking. With a focus on cultivating future-ready talent and empowering organizations to embrace technological innovation, PEOPLElogy integrates expertise in training, consultancy, and technology to deliver impactful outcomes.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Establish a Cyber Range computer simulation lab 0 0
Expansion Expansion through strategic investments, mergers and acquisitions opportunities 0 0
Expansion R&D of software 0 0
Expansion Expansion of offices and training centers in East Malaysia 0 0
Expansion Expansion of offices and training centres in Indonesia and Philippines 0 0
Expansion Setting up regional office in Singapore 0 0
Working capital General working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Kenanga Investment Bank Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: SC (Yes)
Price: 0.25
Est. PE Ratio: 17.73
    PE (FYE): 17.73
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
MITI Application Open Date: 20-Jan-2025
MITI Application Close Date: 24-Jan-2025
Market Cap: 102.93 M
Number of Shares: 411.72 M
IPO Allocations No. of Shares %
Malaysian Public 20.59 M 5.0%
Bumiputera shareholders approved by MITI 51.47 M 12.5%
Eligible Directors and employees 12.352 M 3.0%
Private placement to selected investors and others 20.598 M 5.0%
Total Allocations 105.00 M 25.5%

Public Issue of 105.00 M new shares representing 25.5% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
West River Berhad West River Berhad

West River Berhad, eincorporated in 2023 and headquartered in Malaysia, is a leading provider of mechanical and electrical (M&E) engineering services. The company specializes in electrical engineering, air-conditioning and mechanical ventilation (ACMV), and intelligent building solutions, catering to projects in private sectors, including high-rise residential, commercial, and industrial properties. With expertise spanning the design, supply, installation, and commissioning of M&E systems, West River also manufactures electrical panels and distribution boards to support its projects and third-party sales. Leveraging a robust portfolio, state-of-the-art solutions like the Neutron IoT system, and an experienced management team, West River is committed to innovation, sustainability, and delivering value to its clients, positioning itself as a key player in Malaysia's M&E engineering landscape.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Purchase of land and construction of newmanufacturing factory cum warehouse 0 0
Working capital General working capital 0 0
Listing expenses Listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: M&A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Price: 0.28
Est. PE Ratio: 9.79
    PE (FYE): 9.79
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
MITI Application Open Date: 13-Jan-2025
MITI Application Close Date: 17-Jan-2025
Market Cap: 100.16 M
Number of Shares: 357.70 M
IPO Allocations No. of Shares %
Malaysian Public 17.89 M 5.0%
Bumiputera shareholders approved by MITI 44.71 M 12.5%
Eligible Directors and employees 8.943 M 2.5%
Private placement to selected investors and others 35.77 M 10.0%
Total Allocations 107.31 M 30.0%

Offer for Sales of 35.77 M existing shares representing 10.0% enlarged shares.

Public Issue of 71.54 M new shares representing 20.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
WTEC Group Berhad WTEC Group Berhad

WTEC Group Berhad, incorporated in May 2024 and headquartered in Kajang, Selangor, Malaysia, specializes in the manufacturing and trading of foam and non-foam products. The company’s extensive product range includes adhesive foam, foam-backed laminates, and non-woven fabrics, serving key industries such as automotive, construction, and electrical and electronics. WTEC also offers value-added services like die-cutting, lamination, and assembly. With a strong presence in Malaysia and Vietnam, the company caters to both direct manufacturers and indirect channels like wholesalers and retailers. Committed to quality and innovation, WTEC leverages its advanced facilities and expertise to deliver customized solutions, supporting diverse industrial applications across domestic and international markets.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Purchase and renovation of New Factory 0 0
Expansion Purchase of new machinery and equipment 0 0
Expansion Sales and marketing expenses 0 0
Working capital Working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Alliance Islamic Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Price: 0.28
Est. PE Ratio: 14.36
    PE (FYE): 14.36
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
MITI Application Open Date: 13-Jan-2025
MITI Application Close Date: 17-Jan-2025
Market Cap: 134.40 M
Number of Shares: 480.00 M
IPO Allocations No. of Shares %
Malaysian Public 24.00 M 5.0%
Bumiputera shareholders approved by MITI 60.00 M 12.5%
Eligible Directors and employees 9.6 M 2.0%
Private placement to selected investors and others 39.768 M 8.29%
Total Allocations 133.37 M 27.79%

Offer for Sales of 43.20 M existing shares representing 9.0% enlarged shares.

Public Issue of 90.17 M new shares representing 18.79% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Reach Ten Holdings Berhad Reach Ten Holdings Berhad

Reach Ten Holdings Berhad, incorporated in 2023 and headquartered in Kuching, Sarawak, Malaysia, is a leading provider of integrated telecommunications and ICT solutions. The company specializes in the design, construction, and maintenance of critical infrastructure, including fiber optic networks, telecommunication towers, and satellite-based communication systems. Its expertise spans urban and rural connectivity projects, bridging gaps in underserved areas while supporting Malaysia's digital transformation initiatives. Additionally, Reach Ten is actively involved in upgrading ICT infrastructure and delivering tailored solutions for government-linked entities and private corporations, positioning itself as a key player in advancing the nation's telecommunications sector.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Expansion and establishment of fibre optic communication networks infrastructure 0 0
Expansion Construction of telecommunication towers 0 0
Expansion Enhancing our satellite-based communication networks and services capability 0 0
Working capital Working capital 0 0
Listing expenses Listing expenses 0 0
Total 0 100
Market: Main
Principal Adviser: M & A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (No)
Price: 0.52
Est. PE Ratio: 10.14
    PE (FYE): 10.14
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
MITI Application Open Date: 30-Dec-2024
MITI Application Close Date: 05-Jan-2025
Market Cap: 520.00 M
Number of Shares: 1,000.00 M
IPO Allocations No. of Shares %
Malaysian Public 50.00 M 5.0%
Bumiputera shareholders approved by MITI 125.00 M 12.5%
Eligible Directors and employees 25.0 M 2.5%
Private placement to selected investors and others 100.0 M 10.0%
Total Allocations 300.00 M 30.0%

Offer for Sales of 100.00 M existing shares representing 10.0% enlarged shares.

Public Issue of 200.00 M new shares representing 20.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Cuckoo International (MAL) Berhad Cuckoo International (MAL) Berhad

Cuckoo International (Mal) Berhad is a dynamic company committed to promote healthy lifestyles through its diverse range of home appliances and household goods. The company primarily focuses on the manufacturing and distribution of innovative products, including water purifiers and air purifiers, while also offering rental and maintenance services for these items. In addition to its core offerings, Cuckoo has expanded into skincare and nutritional food products, along with home care services. The business operates across four segments: CUCKOO-branded products, CUCKOO Co-Created items, and the WonderLab and WonderDewi brands, showcasing a comprehensive portfolio aimed at enhancing consumer well-being. Cuckoo International was incorporated in 2014 and headquartered in Malaysia.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Product purchase for expansion of rental business 0 0
Expansion Opening of ‘Brandshops’ 0 0
Expansion Expansion of Singapore business 0 0
Others Upgrading of IT systems 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: Main
Principal Adviser: RHB Investment Bank Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: Yes
MITI allocation?: Yes
Number of Shares: 1,432.80 M
IPO Allocations No. of Shares %
Malaysian Public 28.66 M 2.0%
Bumiputera shareholders approved by MITI 179.10 M 12.5%
Eligible Directors and employees 14.328 M 1.0%
Private placement to selected investors and others 143.28 M 10.0%
Total Allocations 365.36 M 25.5%

Offer for Sales of 222.08 M existing shares representing 15.5% enlarged shares.

Public Issue of 143.28 M new shares representing 10.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only

Future IPO


TUC Holdings Berhad TUC Holdings Berhad

TUC is an investment holding company. Through its subsidiaries, TUC is principally involved in the supply of smart meters, manufacturing and integration of electrical systems, distribution of electrical products and other related activities such as supply of fibre-reinforced polymer cross-arms for power transmission power, provision of consultation services mainly concerning communications protocol for smart meters in Malaysia, and supply and installation of communication devices.

Market: ACE
Principal Adviser: Kenanga Investment Bank Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: N/A
MITI allocation?: No
Number of Shares: 609.00 M
IPO Allocations No. of Shares %
Malaysian Public 30.45 M 5.0%
Eligible Directors and employees 5.2 M 0.85%
Private placement to selected investors and others 120.506 M 19.79%
Total Allocations 156.16 M 25.64%
Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Paragrene Land Berhad Paragrene Land Berhad

Paragrene Land is an investment holding company while its subsidiaries are principally involved in property development, where it develops and sells residential and mixed-use properties.

Market: MAIN
Principal Adviser: MIDF Amanah Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
MITI allocation?: Yes
Number of Shares: 1,180.00 M
IPO Allocations No. of Shares %
Malaysian Public 26.00 M 2.2%
Bumiputera shareholders approved by MITI 147.50 M 12.5%
Private placement to selected investors and others 42.554 M 3.61%
Total Allocations 216.05 M 18.31%
Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Readycare Holdings Berhad Readycare Holdings Berhad

Readycare Holdings is an investment holding company. Its subsidiaries are principally involved in developing, manufacturing and supplying of household care products as well as private labels for retail customers.

Market: ACE
Principal Adviser: MIDF Amanah Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
MITI allocation?: Yes
Number of Shares: 202.00 M
IPO Allocations No. of Shares %
Malaysian Public 11.00 M 5.45%
Bumiputera shareholders approved by MITI 25.25 M 12.5%
Eligible Directors and employees 4.59 M 2.27%
Private placement to selected investors and others 17.75 M 8.79%
Total Allocations 58.59 M 29.0%
Median Sectors PE: This feature is limited for iSaham Pro clients only
Wastech Resources Berhad Wastech Resources Berhad

Wastech Group is principally involved in the manufacturing of specialty fertilisers and design, supply and installation of agriculture and landscape irrigation systems.

Market: ACE
Principal Adviser: Malacca Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 480.00 M
IPO Allocations No. of Shares %
Malaysian Public 24.00 M 5.0%
Bumiputera shareholders approved by MITI 60.00 M 12.5%
Eligible Directors and employees 24.0 M 5.0%
Private placement to selected investors and others 36.0 M 7.5%
Total Allocations 144.00 M 30.0%
Median Sectors PE: This feature is limited for iSaham Pro clients only
ETA World Group Berhad ETA World Group Berhad

ETA World is principally involved in industrial property builders providing turnkey solutions specialising in the design and building of industrial buildings and trading of building materials.

Market: ACE
Principal Adviser: Inter-Pacific Securities Sdn Bhd
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 429.92 M
IPO Allocations No. of Shares %
Malaysian Public 21.50 M 5.0%
Bumiputera shareholders approved by MITI 53.74 M 12.5%
Eligible Directors and employees 1.8 M 0.42%
Private placement to selected investors and others 34.862 M 8.11%
Total Allocations 111.90 M 26.03%
Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Hikmat Duta Holdings Berhad Hikmat Duta Holdings Berhad

HDHB Group is principally involved in the provision of water supply and sewerage engineering works and other civil engineering works.

Market: ACE
Principal Adviser: M&A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: Yes
MITI allocation?: No
Number of Shares: 336.94 M
IPO Allocations No. of Shares %
Malaysian Public 16.85 M 5.0%
Eligible Directors and employees 10.109 M 3.0%
Private placement to selected investors and others 74.127 M 22.0%
Total Allocations 101.08 M 30.0%
Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
TTL Holdings Berhad TTL Holdings Berhad

TTL and its subsidiaries are principally a machinery and equipment rental services provider with a focus on light machinery and equipment.

Market: ACE
Principal Adviser: M&A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: Yes
MITI allocation?: Yes
Number of Shares: 1,001.57 M
IPO Allocations No. of Shares %
Malaysian Public 50.08 M 5.0%
Bumiputera shareholders approved by MITI 125.20 M 12.5%
Eligible Directors and employees 20.032 M 2.0%
Private placement to selected investors and others 155.243 M 15.5%
Total Allocations 350.55 M 35.0%
Median Sectors PE: This feature is limited for iSaham Pro clients only
Leader Energy Holding Berhad Leader Energy Holding Berhad

Leader Energy together with its subsidiaries and jointly controlled entities, is an independent power producer primarily engaged in the development, ownership, operation and maintenance of power assets and projects.

Market: Main
Principal Adviser: Affin Hwang Investment Bank Berhad RHB Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: No
Number of Shares: 3,550.00 M
IPO Allocations No. of Shares %
Malaysian Public 71.00 M 2.0%
Eligible Directors and employees 5.5 M 0.15%
Private placement to selected investors and others 250.0 M 7.04%
Total Allocations 326.50 M 9.2%

Offer for Sales of 250.00 M existing shares representing 7.04% enlarged shares.

Public Issue of 750.00 M new shares representing 21.13% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
CMGI Berhad CMGI Berhad

CMGI Berhad, incorporated in 2023 and headquartered in Malaysia, is a leading provider of integrated ICT managed services, specializing in hardware, software, and communications solutions for diverse industries. Through its subsidiaries, CMGI offers a comprehensive range of services, including the development, operation, and maintenance of enterprise resource planning (ERP) systems, healthcare information systems (HIS), and F&B service management platforms. The company also provides Device-as-a-Service (DaaS) solutions, ensuring seamless hardware integration and support for its clients. With a strong focus on innovation, technical expertise, and customer satisfaction, CMGI Berhad is committed to enhancing operational efficiency and delivering transformative digital solutions tailored to the needs of its clients across Malaysia’s rapidly evolving technology landscape.

Market: ACE
Principal Adviser: MIDF Amanah Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: Yes
MITI allocation?: Yes
Number of Shares: 671.00 M
IPO Allocations No. of Shares %
Malaysian Public 33.55 M 5.0%
Bumiputera shareholders approved by MITI 83.88 M 12.5%
Eligible Directors and employees 11.3004 M 1.68%
Private placement to selected investors and others 48.3746 M 7.21%
Total Allocations 177.10 M 26.39%

Offer for Sales of 67.10 M existing shares representing 10.0% enlarged shares.

Public Issue of 110.00 M new shares representing 16.39% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Eplas Global Berhad Eplas Global Berhad

Eplas Global Berhad, incorporated in 2023 and headquartered in Pulau Pinang, Malaysia, is a leading marketer and distributor of houseware products, offering an extensive range of solutions under its proprietary brands, including ‘eplas,’ ‘HOME PERFECT,’ and ‘ecoliving.’ The company specializes in water bottles, kitchenware, bakeware, cleaning tools, baby products, and gardening essentials, catering to diverse consumer needs. Eplas combines business-to-business (B2B) partnerships with retail chains and direct-to-consumer (B2C) channels via its online store and platforms like Shopee, Lazada, and TikTok to ensure broad market reach. With a focus on quality, innovation, and sustainability, Eplas is dedicated to enhancing customer satisfaction and driving growth, positioning itself as a trusted leader in Malaysia’s houseware industry.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Capital expenditure for setting up of manufacturing operations 0 0
Working capital Working capital for the manufacturing operations 0 0
Working capital Working capital for current operations 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Malacca Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 450.00 M
IPO Allocations No. of Shares %
Malaysian Public 22.50 M 5.0%
Bumiputera shareholders approved by MITI 56.25 M 12.5%
Eligible Directors and employees 4.5 M 1.0%
Private placement to selected investors and others 42.75 M 9.5%
Total Allocations 126.00 M 28.0%

Offer for Sales of 36.00 M existing shares representing 8.0% enlarged shares.

Public Issue of 90.00 M new shares representing 20.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Express Powerr Solutions Express Powerr Solutions

Express Powerr Solutions (M) Bhd, incorporated in 2023 and headquartered in Malaysia, specializes in providing reliable power solutions through its subsidiary, Express Mission. The company offers a comprehensive range of generator rental services, including emergency, planned maintenance, and standby power, catering to industries such as construction, manufacturing, government agencies, and event organizers. With a robust fleet of well-maintained generators, ancillary equipment like synchronisation panels and transformers, and a customer-focused support team, Express Powerr ensures seamless power continuity. Recently expanding into solar photovoltaic (PV) solutions, the company demonstrates its commitment to innovation, sustainability, and operational excellence, positioning itself as a trusted name in Malaysia’s energy solutions market.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Purchase of generators 0 0
Expansion Purchase of medium and high voltage equipment 0 0
Working capital General working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Mercury Securities Sdn Bhd
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 730.68 M
IPO Allocations No. of Shares %
Malaysian Public 46.72 M 6.39%
Bumiputera shareholders approved by MITI 116.81 M 15.99%
Eligible Directors and employees 18.689 M 2.56%
Private placement to selected investors and others 63.194 M 8.65%
Total Allocations 245.41 M 33.59%

Offer for Sales of 65.41 M existing shares representing 8.95% enlarged shares.

Public Issue of 180.00 M new shares representing 24.63% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Enproserve Group Berhad Enproserve Group Berhad

Enproserve Group Berhad is a leading provider of mechanical and civil engineering services, specializing in plant maintenance and turnaround, engineering, procurement, construction, and commissioning (EPCC), and facilities management (FM). Within its plant maintenance and turnaround segment, the company delivers comprehensive maintenance and repair (M&R) services for static equipment and structures, including plant turnarounds. Its EPCC segment focuses on significant upgrades, replacements of existing plant facilities, and the construction of new facilities. In the FM segment, Enproserve provides mechanical and electrical maintenance, cleaning, and value-added services for government offices and residential buildings. Additionally, the company offers complementary services, including equipment and vehicle rental, as well as manpower supply, ensuring comprehensive support for its clients across various industries. Enproserve was incorporated in 2024 and headquartered in Cyberjaya, Selangor, Malaysia.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Purchase of new machinery, equipment and vehicles 0 0
Expansion Purchase of new lorries and mobile crane 0 0
Expansion Setting up crane depot facility 0 0
Working capital Working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: KAF Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: No
Number of Shares: 1,050.00 M
IPO Allocations No. of Shares %
Malaysian Public 52.50 M 5.0%
Eligible Directors and employees 18.316 M 1.74%
Private placement to selected investors and others 244.184 M 23.26%
Total Allocations 315.00 M 30.0%

Offer for Sales of 105.00 M existing shares representing 10.0% enlarged shares.

Public Issue of 210.00 M new shares representing 20.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
PMCK Berhad PMCK Berhad

PMCK Berhad, incorporated in November 2000 and headquartered in Alor Setar, Kedah, Malaysia, is a leading healthcare services provider with a strong presence in the northern region. As an investment holding company, PMCK operates through its subsidiaries to deliver a comprehensive range of specialist consultant services across 17 medical specializations, supported by healthcare services such as facilities management, ward services, clinical support, medication sales, and nursing care. The group also offers general dental and polyclinic services, catering to diverse patient needs. Anchored by its flagship Putra Medical Centre (PMC), PMCK is expanding its footprint with the PMC Kulim project, a state-of-the-art mixed-use development featuring a private medical center, food court, and hotel accommodations. With nearly three decades of experience, PMCK is committed to excellence in patient care and innovation, solidifying its reputation as a trusted name in Malaysia’s private healthcare sector.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Acquisition of equipment for PMC 0 0
Listing expenses Estimated expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Malacca Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 1,090.60 M
IPO Allocations No. of Shares %
Malaysian Public 54.53 M 5.0%
Bumiputera shareholders approved by MITI 136.32 M 12.5%
Eligible Directors and employees 43.624 M 4.0%
Private placement to selected investors and others 70.839 M 6.5%
Total Allocations 305.32 M 28.0%

Offer for Sales of 32.72 M existing shares representing 3.0% enlarged shares.

Public Issue of 272.60 M new shares representing 25.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Camaroe Berhad Camaroe Berhad

Camaroe Berhad, incorporated in January 2024 and headquartered in Kapar, Selangor, Malaysia, is a leading player in the aquaculture industry, specializing in the farming and processing of black tiger prawns. The company operates integrated facilities, including prawn farms and a processing plant, ensuring complete control over the supply chain to deliver high-quality products. Camaroe’s offerings include frozen black tiger prawns and value-added seafood products, which meet local and international quality standards such as HACCP and GMP. With a proven track record and an experienced management team, Camaroe exports to diverse markets in South Korea, China, and beyond, positioning itself as a trusted supplier in the premium seafood industry.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Construction of New Bukit Raja Processing Facility 0 0
Expansion Purchase of machinery and equipment 0 0
Expansion Installation of solar panels 0 0
Expansion Establishment of a biotechnology department 0 0
Working capital General working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: M & A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 495.00 M
IPO Allocations No. of Shares %
Malaysian Public 24.75 M 5.0%
Bumiputera shareholders approved by MITI 61.88 M 12.5%
Eligible Directors and employees 12.375 M 2.5%
Private placement to selected investors and others 49.5 M 10.0%
Total Allocations 148.50 M 30.0%

Offer for Sales of 49.50 M existing shares representing 10.0% enlarged shares.

Public Issue of 99.00 M new shares representing 20.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
iCents Group Holdings Berhad iCents Group Holdings Berhad

iCents Group and its subsidiaries are primarily involved in the provision of cleanroom services comprising engineering, procurement, construction, testing and commissioning of cleanrooms, construction of cleanrooms and other activities, as well as providing other facility services comprising hook-up of machinery and equipment, supply and installation of heavy-duty ceiling systems, construction services and other activities.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Purchase of machinery and equipment 0 0
Expansion Business expansion 0 0
Expansion Product development 0 0
Expansion Marketing activities 0 0
Working capital Working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Alliance Islamic Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 500.00 M
IPO Allocations No. of Shares %
Malaysian Public 25.00 M 5.0%
Bumiputera shareholders approved by MITI 62.50 M 12.5%
Eligible Directors and employees 10.0 M 2.0%
Private placement to selected investors and others 45.0 M 9.0%
Total Allocations 142.50 M 28.5%

Offer for Sales of 30.00 M existing shares representing 6.0% enlarged shares.

Public Issue of 112.50 M new shares representing 22.5% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Pan Merchant Berhad Pan Merchant Berhad

Pan Merchant Berhad, incorporated in Malaysia and headquartered in Shah Alam, Selangor, specializes in the design, manufacture, assembly, delivery, and commissioning of filters for solid-liquid filtration. Through its subsidiaries, the company also engages in steel works and technical support services, catering to diverse industrial needs. Pan Merchant Berhad operates globally, leveraging its integrated solutions to deliver robust filtration systems and engineering services, reflecting its expertise in innovative industrial applications.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Acquisition of machinery, equipment and tools 0 0
Expansion Renovation of manufacturing plants 0 0
Expansion Product development 0 0
Expansion Business expansion 0 0
Working capital Working capital 0 0
Listing expenses Estimated expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Affin Hwang Investment Bank Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: N/A
MITI allocation?: Yes
Median Sectors PE: This feature is limited for iSaham Pro clients only
JS Solar Holding Berhad JS Solar Holding Berhad

Johnson Solar Holding Berhad, incorporated in 2024 and headquartered in Shah Alam, Selangor, Malaysia, specializes in engineering, procurement, construction, and commissioning (EPCC) services for solar photovoltaic (PV) systems. The company's principal activities include designing, constructing, and maintaining large-scale solar farms, rooftop solar PV systems, and floating solar PV installations for industrial, commercial, and residential applications. Johnson Solar also offers battery energy storage systems (BESS) and related solutions to enhance renewable energy storage and management. Committed to advancing renewable energy adoption, the company supports Malaysia's clean energy initiatives while delivering sustainable and efficient solar power solutions tailored to meet diverse client needs.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Purchase and renovation of the New Office 0 0
Expansion Business expansion and marketing activities 0 0
Working capital Working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: TA Securities Holdings Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: No
Number of Shares: 325.00 M
IPO Allocations No. of Shares %
Malaysian Public 16.25 M 5.0%
Eligible Directors and employees 19.5 M 6.0%
Private placement to selected investors and others 61.75 M 19.0%
Total Allocations 97.50 M 30.0%

Offer for Sales of 19.50 M existing shares representing 6.0% enlarged shares.

Public Issue of 78.00 M new shares representing 24.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Oxford Innotech Berhad Oxford Innotech Berhad

Oxford Innotech Berhad, established in 2021 and headquartered in Pulau Pinang, Malaysia, is a leading provider of precision engineering and automation solutions. The company specializes in serving high-growth industries such as semiconductors, electronics, telecommunications, and ergonomic furniture. Its core offerings include sheet metal fabrication, CNC machining, plastic injection molding, and the development of mechanical assemblies. Additionally, Oxford Innotech delivers advanced automation and smart factory solutions designed to enhance productivity and streamline operations. With strong in-house design expertise, industry knowledge, and a commitment to innovation, Oxford Innotech supports a global client base, driving efficiency and contributing to advancements in manufacturing and industrial automation.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Construction of a new factory 0 0
Expansion Purchase/refinancing of new machinery 0 0
Working capital General working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Malacca Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: Yes
Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
A1 A.K. Koh Group Berhad A1 A.K. Koh Group Berhad

A1 A.K. Koh Group Berhad, incorporated in 2012 and headquartered in Johor Bahru, Malaysia, specializes in the manufacturing, marketing, supply, and distribution of processed food and beverage (F&B) products. The group operates a diverse portfolio under its in-house brands, including A1 AK KOH, Dragon Horse, Bao Dao, Lion, MaccEagle, Sky King, and Sun, while also distributing third-party brands such as the popular ‘WANT WANT Baby Bites’ teething biscuits. Catering to changing consumer lifestyles and increasing urbanization, A1 AK Koh offers a wide range of Malaysian-inspired products, including premix spices, premade pastes, snacks, instant and dried noodles, canned seafood, and ready-to-drink beverages. With a strong presence in the processed F&B market, the company also provides contract manufacturing and sourcing services, ensuring versatility and quality for both its own brands and third-party collaborations.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Construction of a new factory 0 0
Expansion Marketing expenses and promotional activities 0 0
Working capital General working capital 0 0
Others Upgrading of existing manufacturing facility at PLO 81 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: AmInvestment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 840.00 M
IPO Allocations No. of Shares %
Malaysian Public 42.00 M 5.0%
Bumiputera shareholders approved by MITI 105.00 M 12.5%
Eligible Directors and employees 8.4 M 1.0%
Private placement to selected investors and others 63.0 M 7.5%
Total Allocations 218.40 M 26.0%

Offer for Sales of 109.20 M existing shares representing 13.0% enlarged shares.

Public Issue of 109.20 M new shares representing 13.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Cheeding Holdings Berhad Cheeding Holdings Berhad

Cheeding Holdings Berhad, incorporated in 2024 and headquartered in Malaysia, specializes in providing infrastructure utilities engineering solutions. The company’s core activities include the engineering, procurement, construction, commissioning (EPCC), and maintenance of overhead infrastructure for utilities, along with the EPCC of underground utilities and substation engineering services. With expertise in project planning, technical design, and maintenance, Cheeding caters to the growing demand for reliable utility infrastructure. Guided by a commitment to innovation, operational excellence, and sustainability, Cheeding Holdings Berhad aims to solidify its position as a trusted partner in Malaysia's utilities engineering landscape.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Capital expenditure 0 0
Working capital Working capital 0 0
Others Performance bond for future projects 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: TA Securities Holdings Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 797.26 M
IPO Allocations No. of Shares %
Malaysian Public 39.86 M 5.0%
Bumiputera shareholders approved by MITI 99.66 M 12.5%
Eligible Directors and employees 8.168 M 1.02%
Private placement to selected investors and others 60.311 M 7.56%
Total Allocations 208.00 M 26.09%

Offer for Sales of 65.00 M existing shares representing 8.15% enlarged shares.

Public Issue of 143.00 M new shares representing 17.94% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Powertechnic Group Berhad Powertechnic Group Berhad

Powertechnic Group Berhad, incorporated in 2021 and headquartered in Johor, Malaysia, is a specialist in lifting systems and related services. The company designs, fabricates, assembles, installs, and commissions a range of lifting solutions marketed under its "Powertechnic" brand. Its product portfolio includes crane and hoist systems for industrial applications, elevated platform systems for load transportation, and elevators for residential, commercial, and industrial use. Powertechnic also provides maintenance, repair, and licensing renewal services, ensuring the reliability and longevity of its systems. With over 22 years of industry experience through its subsidiaries, the company leverages in-house engineering expertise to deliver customized solutions, serving diverse markets across Malaysia and Singapore. Guided by innovation and operational excellence, Powertechnic is committed to driving growth and meeting evolving client needs in the lifting systems sector.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Set up product showrooms and sales offices with storage space and marketing expenses 0 0
Expansion Capital expenditure mainly for automated machines 0 0
Working capital General working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: TA Securities Holdings Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 310.34 M
IPO Allocations No. of Shares %
Malaysian Public 15.60 M 5.03%
Bumiputera shareholders approved by MITI 38.80 M 12.5%
Eligible Directors and employees 10.0 M 3.22%
Private placement to selected investors and others 19.6 M 6.32%
Total Allocations 84.00 M 27.07%

Offer for Sales of 21.00 M existing shares representing 6.77% enlarged shares.

Public Issue of 63.00 M new shares representing 20.3% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Aquawalk Group Berhad Aquawalk Group Berhad

Aquawalk Group Berhad, incorporated in 2024 and headquartered in Kuala Lumpur, Malaysia, is a leading developer and operator of aquariums and aquatic-themed attractions. The company operates renowned aquariums such as Aquaria KLCC in Malaysia and Aquaria Phuket in Thailand, offering immersive educational and recreational experiences. Its core business spans the operations and development of aquariums, ticketing, retail sales, and the design, engineering, and maintenance of third-party aquariums. With a focus on innovation, sustainability, and customer experience, Aquawalk integrates advanced technologies to create world-class aquatic exhibits while driving revenue through ticketing, retail partnerships, and online sales. Guided by a commitment to excellence, the group continues to expand its footprint in the tourism and entertainment sectors, positioning itself as a trusted leader in the industry.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Capital expenditure 0 0
Expansion IT systems improvements 0 0
Working capital Working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: M & A Securities Sdn Bhd
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 1,843.00 M
IPO Allocations No. of Shares %
Malaysian Public 92.15 M 5.0%
Bumiputera shareholders approved by MITI 230.38 M 12.5%
Eligible Directors and employees 4.686 M 0.25%
Private placement to selected investors and others 409.989 M 22.25%
Total Allocations 737.20 M 40.0%

Offer for Sales of 368.60 M existing shares representing 20.0% enlarged shares.

Public Issue of 368.60 M new shares representing 20.0% enlarged shares.

Insights Analytics Berhad Insights Analytics Berhad

Insights Analytics Berhad, incorporated in 2024 and headquartered in Kuching, Malaysia, is a technology solutions provider specializing in water technology solutions and intelligent asset management systems. Through its subsidiaries—Exxor Technologies Sdn Bhd, Exxor Data Solutions Sdn Bhd, and Intelli Technologies Sdn Bhd—the company supplies advanced water management solutions across the utility supply chain, from treatment to distribution, primarily in Sarawak. Additionally, the company extends its expertise to intelligent asset management solutions for industries such as hospitality, transportation, and construction. Leveraging artificial intelligence, cloud computing, and IoT-enabled monitoring, Insights Analytics enhances operational efficiency, sustainability, and infrastructure optimization for government agencies, utilities, and private enterprises. With a strong track record in water technology and an expanding portfolio in asset intelligence, the company continues to drive digital transformation through innovative, data-driven solutions.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Expansion of corporate office in Sarawak with a mini data centre 0 0
Expansion Expansion of IT operations 0 0
Expansion Expansion of West Malaysia branch office 0 0
Working capital General working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: M & A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: Yes
Number of Shares: 550.00 M
IPO Allocations No. of Shares %
Malaysian Public 27.50 M 5.0%
Bumiputera shareholders approved by MITI 68.75 M 12.5%
Eligible Directors and employees 11.0 M 2.0%
Private placement to selected investors and others 41.25 M 7.5%
Total Allocations 148.50 M 27.0%

Offer for Sales of 27.50 M existing shares representing 5.0% enlarged shares.

Public Issue of 121.00 M new shares representing 22.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only
Farmiera Berhad Farmiera Berhad

Farmiera Berhad, incorporated in 2024 and headquartered in Klang, Selangor, Malaysia, is a poultry farming and processing company specializing in the production and distribution of halal-certified raw poultry products. The company operates through two core segments: poultry farming and poultry processing. Its poultry farming division manages both self-operated and contract farms, overseeing the rearing of broiler chickens for live sales and in-house processing. The poultry processing segment focuses on slaughtering, cutting, and distributing fresh and frozen poultry products to wholesalers, retailers, and food service providers. By integrating advanced farming techniques, strict biosecurity measures, and automated processing technologies, Farmiera ensures high-quality production standards while adhering to halal certification requirements. With a commitment to operational efficiency, food safety, and sustainability-driven initiatives, Farmiera Berhad continues to expand its presence in Malaysia’s poultry supply chain, delivering consistent and high-quality products to meet growing market demand.

Utilisation of Proceeds:

Purpose Amount (RM'000) %
Expansion Parent stock farms 0 0
Expansion Hatchery 0 0
Working capital Working capital 0 0
Listing expenses Estimated listing expenses 0 0
Total 0 100
Market: ACE
Principal Adviser: Malacca Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: N/A
MITI allocation?: No
Number of Shares: 450.00 M
IPO Allocations No. of Shares %
Malaysian Public 22.50 M 5.0%
Eligible Directors and employees 9.0 M 2.0%
Private placement to selected investors and others 85.5 M 19.0%
Total Allocations 117.00 M 26.0%

Public Issue of 117.00 M new shares representing 26.0% enlarged shares.

Median Sectors PE: This feature is limited for iSaham Pro clients only
Median Peers PE: This feature is limited for iSaham Pro clients only

Informations above is based on draft prospectus exposure

IPO Tier Calculator


Name Listing Price IPO Closing Date Issuing House
logo Wawasan Dengkil Holdings Berhad 0.25 11-Mar-2025 Tricor Investor & Issuing House (TIIH)
logo Chemlite Innovation Berhad 0.25 12-Mar-2025 Tricor Investor & Issuing House (TIIH)
logo HI Mobility Berhad 1.22 19-Mar-2025 Malaysian Issuing House (MIH)
logo Sumisaujana Group Berhad 0.24 25-Mar-2025 Tricor Investor & Issuing House (TIIH)
logo MSB Global Group Berhad 0.20 04-Apr-2025 Tricor Investor & Issuing House (TIIH)

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IPO Sell Calculator

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Average Performance (SO): 71.79% (Accuracy: 95.71%)

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*Average analysts FV is a compilation of fair value given by analysts from various research houses (computed by using average) and never rated by iSaham or any of its associates.

**Average PE FV is calculated using IPO PE ratio and IPO listing price. The information is for comparison purposes only and should not be made to form an investment decision.

***iSaham IPO Score is using new methodology scoring based on new data analysis - Beta mode. Range of score if no price information

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