KUALA LUMPUR (Oct 3): Empire Premium Food Bhd, which operates the multi-format sushi chain Empire Sushi, is planning a listing on the Main Market of Bursa Malaysia to raise funds for the expansion of its outlets throughout Malaysia.

The initial public offering (IPO) will involve the issuance of 218 million new shares and an offer for sale of 145 million existing shares by its selling shareholder, Empire 11 Group Sdn Bhd. The IPO offers a total 33% stake in the group, according to its draft prospectus filed with the Securities Commission Malaysia.

The bulk of the shares, at 293 million shares (26.6%), is allocated for institutional and selected Bumiputera investors, with only 70 million shares (6.4%) for retail. Of the retail offering, 55 million shares will be set aside for the Malaysian public, while 15 million will be reserved for application by eligible persons.

Post-IPO, Empire 11, which is jointly owned by Nicole Lim and Jordan Tan, will see its 100% stake in the group drop to 67%.

The group, which started its business in 2010 with its grab-and-go sushi operations, has 132 Empire Sushi outlets across Malaysia.

The group's earnings have been growing steadily over the last three years. Profit after tax rose from RM14.59 million in FY2023 to RM26.23 million in FY2024, and RM37.92 million in FY2025, as revenue grew from RM137.1 million in FY2023 to RM184.8 million in FY2024 and RM235.6 million in FY2025.

Over 80% of the group's revenue comes from its grab-and-go sushi operations, while the remainder is derived from its quick dine-in sushi outlets.  

The group plans to use funds from the IPO to open 56 new outlets in both grab-and-go and quick dine-in formats between FY2027 and FY2029, hire additional service crew, and upgrade or refurbish existing outlets. The funds will also be used to fund its working capital and defray listing expenses.

Maybank Investment Bank Bhd is the principal adviser, sole bookrunner, underwriter, and placement agent for the IPO.