KUALA LUMPUR (Sept 29): THMY Holdings Bhd, a Penang-based provider of automated test solutions for electrical and electronics (E&E) products en route to a listing on the ACE Market of Bursa Malaysia on Oct 23, will raise up to RM44.6 million from its initial public offering (IPO).
The IPO entails a public issue of 143.9 million new shares and an offer for sale of 88.8 million existing shares at 31 sen apiece, representing up to 26.2% of the company’s enlarged share capital. Applications opened on Monday and will close on Oct 9. Upon listing, the group is expected to be valued at a market capitalisation of RM275.28 million.
Of the total proceeds, 58.1% will be channelled to the construction of a new factory, 8.3% for machinery and equipment purchases, 4.3% for design and development as well as research and development, and 6.9% for working capital. Another 11.7% will be used to pare down bank borrowings, with the remainder going towards listing expenses.
Proceeds from the offer for sale of up to RM27.53 million, meanwhile, will go to its co-founder and chief executive officer Ooi Can Nix and his spouse, Chu Mooi Leng.
WATCH: NEWS: THMY IPO to primarily fund new factory
Since its founding in 2008, THMY has built a global presence, serving multinational corporations across the US, Europe and Asia-Pacific. Its offerings range from in-circuit and functional circuit test systems to turnkey solutions involving design, fabrication, software development and assembly.
The group’s profit after tax expanded at a compounded annual growth rate of 96.6% between FY2022 and FY2025, rising from RM1.3 million to RM10 million.
"This milestone is especially meaningful because I know better than anyone that our journey was built not on shortcut, but on years of hard work, commitment, and a firm belief in our vision,” Ooi, who is also an executive director, said during his speech at the group's prospectus launch on Monday.
"The automated test solutions industry is poised for continued growth, fuelled by rapid technological advancements, rising demand for E&E products, and powerful megatrends such as artificial intelligence, data centres, network infrastructure, and the growing global demand for semiconductors," he added.
WATCH: NEWS: ACE-bound THMY upbeat on outlook
Beyond its core strength in automated test solutions, THMY has diversified into industrial automation and broadened its offerings to include after-sales maintenance and repair services. The group now supports customers across industries such as technology, media and telecommunications, semiconductors, industrial and healthcare.
“What sets us apart is not just the technical capability, but our unwavering commitment to solving complex testing challenges through innovative automated test solutions, a hallmark of THMY since day one, and a principle that continues to guide our strategy as we expand,” Ooi said.
Affin Hwang Investment Bank Bhd is the principal adviser, sponsor, sole placement agent and underwriter for the exercise.