KUALA LUMPUR (Oct 21): Foodie Media Bhd, which operates the KL Foodie social media brands, has signed an underwriting agreement with Maybank Investment Bank Bhd (Maybank IB) for its ACE Market listing.
Under the agreement, Maybank IB will underwrite the initial public offering (IPO) shares allocated to the Malaysian public and eligible persons under pink form applications. A target date for the IPO was not disclosed.
“The IPO will provide us with the necessary resources to strengthen our technological infrastructure and scale our production capabilities. As we continue to grow, our focus remains on engaging with audiences and businesses across the region,” said Foodie Media CEO Nicholas Lim Pinn Yang.
Foodie Media is principally involved in digital media publishing, key-opinion leader marketing, short-film drama marketing, affiliate commerce and campaign management services.
Including KL Foodie, Foodie Media has 34 brands across five countries — namely, Malaysia, Singapore, Thailand, Indonesia, and the Philippines.
The proposed IPO will see the group raise capital through the issuance of new shares representing 15.54% of the enlarged stake in the company, to expand its workforce, set up new live streaming rooms, and acquire additional equipment.
The IPO also includes an offer for sale of a 12.61% stake by its existing shareholders, including Pinn Yang, non-independent executive director and chief content officer Edward Lim Pinn Jian, non-independent executive director and chief operating officer Ang Rui Mei, Bryan Loo Woi Lip, Loo Chuu Lin, Loo Chee Leng, and LV Holdings Sdn Bhd (formerly known as Loob Ventures Sdn Bhd).
Overall, the exercise will offer investors up to a 28.15% stake in the company upon listing.
Pinn Yang and Pinn Jian are brothers, while Ang is Pinn Yang's spouse. The trio founded the group back in 2016. Meanwhile, Chuu Lin is the father of Woi Lip and Chee Leng.
Upon listing, Pinn Yang will retain a 21.81% stake, Ang (15.07%), Pinn Jian (14.28%), Woi Lip (8.42%), Chuu Lin (4.9%) and Chee Leng (6.25%).
LV Holdings, the investment vehicle of Woi Loo and Chuu Lin, the company behind the Tealive beverage brand, will exit after selling its entire 1.12% stake.
Besides being the IPO exercise’s sole underwriter, Maybank IB is also its principal adviser, sponsor and sole placement agent.