Foodie Media Bhd, the digital media company behind popular food blog KL Foodie, has submitted a draft prospectus for an initial public offering (IPO) on Bursa Malaysia’s ACE Market. The company, associated with social media personality Lim Pinn Yang, aims to float approximately 28.15% of its enlarged share capital.
According to the filing, 15.54% of the equity will be offered via public issue, broken down into 5% for the Malaysian public, 1.69% for eligible persons, and 8.85% via an institutional offering. An additional 12.61% will be allocated to institutional and selected investors through an offer for sale.
Post-listing and assuming full exercise of its executive share scheme, Lim, aged 32, is expected to retain a 21.8% direct stake in the company. He will also hold over 15% indirectly through his spouse, Ang Rui Mei. Both Lim and Ang are members of the board, serving as Chief Executive Officer and Chief Operating Officer respectively.
Proceeds raised from the IPO are earmarked for strategic initiatives including talent acquisition, the purchase and renovation of a live streaming facility, and investments in both new and upgraded production equipment. A portion of the funds will also be channelled towards the adoption of artificial intelligence-driven software solutions and general working capital requirements.
Notably, Bryan Loo Woi Lip, Chief Executive Officer of Loob Bhd—parent company of the popular beverage brand TeaLive—will remain a significant shareholder in Foodie Media, with a post-IPO stake of 8.3%.
In a separate development, SBS Nexus Bhd has also unveiled plans to pursue a listing on the ACE Market. A specialist in branding and marketing solutions, SBS’s primary client in 2024 was women’s fashion label Christy Ng.
The proposed IPO for SBS will involve a 25% public issue of its enlarged share capital, alongside a 10% offer for sale. Capital raised will be directed toward establishing a new headquarters, expanding business operations, strengthening branding and promotional activities, repaying borrowings, and supplementing working capital.
-The Star
