Yes Group launches ACE Market IPO at 18 sen per share

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Yes Group launches ACE Market IPO

Highlights

Yes Group launched its ACE Market IPO at 18 sen per share, raising RM24.8 million at a market capitalisation of RM95.4 million and a valuation of around 13 times earnings.
Forty per cent of the IPO proceeds, or RM6.5 million, will be used to expand ground transportation in Europe and open a regional office in the UK.
Yes Group had an unbilled order book of RM34.6 million as of October 2023, supporting the company's revenue through 2028.

This article was translated from the original. Read the original version by our correspondent here.

IPO details and use of proceeds

As reported by The Edge Malaysia, Yes Group's IPO will raise RM24.8 million, of which RM16.5 million will go to the company, while the remaining RM8.3 million will be received by founder and managing director Angela Mak Shau Kwan. Applications for the IPO close on 13 Nov, and Mak, 41, will see her stake fall to 74% from 100% after the listing.

Mak said the prospectus launch marked a significant milestone in the company's corporate journey as it moved into the next phase towards listing on the ACE Market. Through the IPO, the company aims to strengthen its capabilities and support its next phase of growth.

At the IPO price, Yes Group will have a market capitalisation of RM95.4 million, valuing the company at around 13 times its trailing earnings at the time of listing. For the financial year ended 30 June 2026, the company recorded a net profit of RM7.5 million and revenue of RM67.1 million.

Business expansion and market position

Yes Group, which operates under the Yes Travel brand, primarily serves corporate clients across various industries and provides customised incentive travel services and event planning. As of October, the company had an unbilled order book of RM34.6 million, which is expected to continue supporting revenue through 2028.

The company has allocated nearly 40% of the IPO proceeds, or RM6.5 million, to expand its ground transportation services in Europe and establish a regional office in the UK. A further RM3 million has been set aside to establish Yes Academy and implement development and training programmes to develop tourism leaders and travel managers, with the aim of improving the company's operational efficiency.

The remaining proceeds will be used for general working capital and to cover estimated listing expenses. The company also holds a licence under the Malaysia My Second Home programme, or MM2H, a long-term residency scheme that allows foreign nationals to reside in Malaysia subject to certain financial and eligibility requirements. Malacca Securities is acting as the principal adviser, sponsor, underwriter and placement agent for the IPO.

In our previous report on Buenos International Bhd's IPO on the ACE Market ACE, we outlined the company's plans to raise funds to build its own cabinet fabrication facility in Kuala Langat to improve control over production schedules and reduce reliance on external suppliers. We also highlighted the share issue and offer structure, as well as the financial performance and unbilled order book underpinning the group's post-listing earnings prospects.

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