KUALA LUMPUR (Oct 10): Johor-based bakery group HSS Holdings Bhd is seeking a listing on the ACE Market of Bursa Malaysia to raise funds for upgrading its manufacturing facilities.

 The initial public offering (IPO) comprises a public issue of 75 million new shares, representing 15% of its enlarged share capital, and an offer-for-sale of 52.5 million existing shares or a 10.5% stake. In total, the IPO will see 25.5% of the group’s shares offered to investors, according to its draft prospectus filed with Bursa Malaysia on Thursday (Oct 9). 

Of the public issue, 25 million shares will be made available to the Malaysian public, 10 million shares to eligible directors, employees and contributors to the group’s success, 10 million shares via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti), and 30 million shares via private placement to selected investors.

Post-listing, the stake of major shareholder Essential Family Ventures Sdn Bhd — controlled by non-independent non-executive director See Toh Kean Yaw and Joseph Lee Moh Hon — will be pared down to 14.8% from 23.5%. Managing director Goh Chen Chang’s stake will fall to 5.3% from 12.4%.

HSS was incorporated on April 11, 2025 as a private limited company under the name HSS Holdings Sdn Bhd, before being converted into a public company in September. 

The group markets a range of bakery products — including cookies, biscuits, cakes and snacks — under its own brands such as SINAR. These products are produced in-house, outsourced to third-party manufacturers and suppliers, or sourced directly from brand owners.

On the financial front, the group’s profit after tax climbed 42.8% to RM7.8 million for the financial year ended Dec 31, 2024 (FY2024), from RM5.46 million a year earlier. Revenue grew 21.2% to RM160.22 million, compared with RM132.23 million in FY2023. 

The group’s revenue is derived mainly from Malaysia and Singapore, with other markets including Indonesia, Australia and Cambodia.