PETALING JAYA: Food blog KL Foodie’s parent, linked to TikTok celebrity Lim Pinn Yang, is seeking an initial public offering (IPO) on the ACE Market.
In a draft prospectus unveiled yesterday, Foodie Media Bhd
said the IPO will offer about 28.15% of its enlarged ordinary shares.
Of which, about 15.54% will be offered via public issue, comprising the Malaysian public (5%), eligible persons (1.69%) and an institutional offering (8.85%).
Meanwhile, via an offer for sale, an additional 12.61% will be allocated for institutional and selected investors.
Post-IPO and assuming full exercise of the executive share scheme option, 32-year-old Lim will directly own 21.8% of Foodie Media and over 15% indirectly via his wife Ang Rui Mei.
Both Lim and Ang sit on the board as executive directors. Lim is also the chief executive officer, while his spouse is the chief operating officer.
Foodie Media said proceeds from its listing will be utilised for, among others, hiring of workforce, the purchase and renovation of live streaming building, as well as the purchase of equipment for expansion and upgrading existing equipment.
In addition, the remaining funds will go towards subscription of artificial intelligence-powered software solutions and to be used as working capital.
It is worth noting that Bryan Loo Woi Lip, the CEO of Loob Bhd, will remain as a substantial shareholder in Foodie Media with an 8.3% stake post-IPO. Loob is the parent of popular tea brand TeaLive.
Aside from Foodie Media, SBS Nexus Bhd also announced yesterday its intention to list on the ACE Market.
SBS is a branding and marketing solution specialist, whose single-largest customer in 2024 was women fashion wear brand Christy Ng.
The IPO of SBS comprises 25% of the enlarged share base under the public issue portion, and an offer for sale of 10%.
Proceeds from the listing will be used to set up the group’s new headquarters; business expansion; branding, marketing and promotional activities; repayment of borrowings and working capital.
