KUALA LUMPUR: Yes Group Management Bhd has signed an underwriting agreement with Malacca Securities Sdn Bhd for its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia.
In a statement, the operator of the “Yes Travel” brand, which provides customised incentive travel and MICE solutions, said Malacca Securities will underwrite 31.8 million new shares.
This comprises 26.5 million shares for the Malaysian public and 5.3 million shares allocated to eligible directors, employees and persons who have contributed to the group.
The IPO will comprise a public issue of 91.87 million new shares and an offer for sale of 45.93 million existing shares, bringing the total offering to 137.8 million shares.
Of the public issue, 26.5 million shares, representing 5% of the company’s enlarged issued share capital, will be offered to the Malaysian public, with equal portions allocated to public and Bumiputera public investors.
Another 5.3 million shares, or 1% of the enlarged share capital, will be allocated to eligible persons, while 60.07 million shares, or 11.33%, will be placed with Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
Under the offer for sale, 6.18 million shares, or 1.17% of the enlarged share capital, will be placed with Miti-approved Bumiputera investors, while 39.75 million shares, or 7.5%, will be placed with selected investors.
Yes Group managing director Angela Mak Shau Kwan said the underwriting agreement marked further progress towards the group’s proposed listing.
“We are encouraged by the support from Malacca Securities as we move towards becoming a publicly listed company. Our focus remains on strengthening our position in corporate incentive travel and MICE solutions, while building the necessary capabilities to support long-term business expansion,” she said.
The group recorded revenue of RM75.47mil for the financial year ended 2025 (FY25), up 82.4% from RM41.39mil in FY23.
Profit after tax rose 43% to RM7.34mil from RM5.13mil over the same period.
Malacca Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.
