KUALA LUMPUR: The operator of Thong Bowl restaurant chain is seeking an initial public offering (IPO) on the ACE Market to raise cash for the expansion of outlets and its packaged food products segment.
In a draft prospectus filed today, Thong World Bhd said it plans to issue 176.8 million IPO shares, with nearly one-fifth of the shares or 34 million shares to be made available for the Malaysian public.
About 15 million IPO shares will be allocated for eligible persons. The bulk of the IPO shares, or 127.8 million IPO shares, will be available by way of placement to institutional and selected investors.
Revenue of Thong World, which sells beef noodle, has surged to RM32.74mil in the financial year of 2025 (FY25), from just RM1.28mil in FY23.
The company owned two outlets in FY23, but by FY25, the number of outlets has increased to 12.
Currently, it has 21 outlets and two kiosks.
The promoters of Thong World are Michelle Yeong and Tan See Yee, both aged 32 years old.
Pre-IPO, executive director and chief executive officer Yeong owns a 31.19% stake in Thong World.
Tan, who is the other executive director and chief marketing officer, has a 3.82% equity interest.
Thong World said there were no dividends declared and paid for the financial periods under review and up to July 31, 2026.
“Our group does not intend to propose, declare or pay out any dividends prior to our listing,” it added.
