This article first appeared in Capital, The Edge Malaysia Weekly on December 8, 2025 - December 14, 2025

INVESTORS will have a busy week ahead as four companies are set to make their debut on Bursa Malaysia — building materials distributor BMS Holdings Bhd (KL:BMS), oil and gas shipping firm Orkim Bhd (KL:ORKIM), renewable energy player Wasco Greenergy Bhd (KL:GENERGY) and medical equipment distributor LAC Med Bhd (KL:LACMED).

Here’s what investors need to know:

Johor-based BMS Holdings is poised to debut on the ACE Market on Dec 8, following an initial public offering (IPO) that raised over RM114 million.

Its IPO, priced at 22 sen per share, saw the public portion modestly oversubscribed by 1.4 times. BMS Holdings received applications totalling 185.07 million shares against the 77 million shares offered to the public. The bumiputera tranche was undersubscribed at 0.19 times, while the non-bumiputera portion saw stronger demand, with an oversubscription of 2.62 times.

BMS Holdings raised RM80.1 million from the issuance of new shares under its IPO. Selling shareholders, including managing director Ang Kwee Peng and executive director Lee Kok Chuan — both co-founders of the group — received RM34.3 million from the sale of existing shares. Alliance Islamic Bank Bhd served as the principal adviser, sponsor, sole underwriter and placement agent for the listing.

Founded over three decades ago, BMS Holdings operates across retail, wholesale and project sales. Its core offerings are tiles and stone surfaces, including porcelain, ceramic, engineered and natural stones, as well as mosaics. Complementary bathware and kitchenware products form part of its portfolio. The broad range of products gives the group an edge in catering to both homeowners and property developers.

In a statement on Nov 26, Ang said the interest received for BMS Holdings’ IPO “demonstrates the steady support and the market’s appreciation of our retail platform and underlying fundamentals”. The IPO proceeds will accelerate the group’s expansion, enhance its retail network, strengthen supply chain infrastructure and support long-term growth strategies, he added.

A significant portion of the group’s IPO proceeds — 42.8% or RM34.3 million — will be channelled to expanding BMS Holdings’ retail and distribution footprint, including new showrooms in Seremban, Negeri Sembilan, Selangor and Kuala Lumpur, alongside a new distribution centre in the Klang Valley.

The company also plans to acquire electric vehicle forklifts and upgrade existing facilities in Kota Damansara, Kepong and Klang in the Klang Valley, and its distribution centre in Pasir Gudang, Johor.

Digital infrastructure upgrades, including the implementation of an enhanced enterprise resource planning system and a warehouse management system, will account for 21.2% of the proceeds (RM17 million). The balance will be allocated to working capital (23.5%), marketing activities (5%) and listing expenses (7.5%), among others.

Analysts have highlighted that BMS Holdings is strategically positioned to benefit from regional property developments.

As the largest tile retailer in Johor, BMS Holdings serves as a prime proxy for the state’s property and infrastructure boom, RHB Investment Bank noted in a Nov 19 report. Its established relationships with Johor property developers put the group in a good place to capture growth from major developments and an influx of high-income Singaporean buyers.

Meanwhile, BMS Holdings’ expanding operational network across multiple states, coupled with a broad product range, gives the group stronger brand awareness and a competitive edge over peers with more concentrated state presences, said Malacca Securities.

The research house also highlighted that BMS Holdings is set to gain from a strengthening ringgit, with about 60% of its FY2024 inventory purchases sourced from overseas suppliers in currencies such as US dollar, renminbi and baht. Further ringgit appreciation is expected to ease rising costs on imported goods, potentially supporting margins.

As BMS Holdings prepares for its ACE Market debut, investors will be watching to gauge how the company translates its decades-long track record, extensive network and strategic positioning into tangible growth in an evolving property and building materials landscape.

RHB IB has set a target price of 31 sen on the stock, implying a potential upside of about 41%, while Malacca Securities’ target of 25 sen suggests a 14% climb. However, the low oversubscription of 1.4 times for the public portion of the IPO signals that investors’ sentiment is cautious.

Orkim, an oil and gas shipping company wholly owned by Ekuiti Nasional Bhd (Ekuinas), is set to make its Main Market debut on Dec 9, following an IPO that raised fresh capital of RM92 million for the company.

The IPO received strong demand, with the retail portion oversubscribed by nearly 12 times, reflecting investor confidence in the company’s growth strategy and long-term contracts with major oil and gas clients.

The IPO comprises a public issue of 100 million new shares and an offer for sale of 300 million existing shares owned by Tetap Kuasa Sdn Bhd, an Ekuinas-owned investment vehicle.

Following the listing, Ekuinas, a subsidiary of Permodalan Nasional Bhd, will retain a 60% controlling stake in the company. The IPO is priced at 92 sen per share, valuing Orkim at about RM920 million.

A total of 6,767 retail applications were received for 256.8 million shares, far exceeding the 20 million shares allocated to retail investors. The bumiputera tranche recorded 11.01 times oversubscription, while the non-bumiputera portion was oversubscribed by 12.67 times. Eligible persons’ allocation of eight million shares was fully subscribed.

Orkim intends to use RM80 million, or 87% of the proceeds from new shares, to acquire new vessels as part of its fleet expansion and rejuvenation plan. The remaining funds will support working capital needs (1.2%) and cover listing-related expenses (11.8%).

The company currently operates 18 vessels with a combined capacity of 239,186 deadweight tonnes (DWT), including 14 clean petroleum product tankers, two medium-range CPP tankers and two liquefied petroleum gas (LPG) tankers.

“Through every milestone, Orkim has remained steadfast in its commitment to being proudly Malaysian, flying the national flag across regional waters, proving that a home-grown company can compete, deliver and lead on a global stage,” said CEO Captain Cheah Sin Bi at the launch of the prospectus on Nov 19.

The company is set to take delivery of two new vessels, Orkim Jade and Orkim Ruby, by early 2027. These tankers, including chemical and petroleum product carriers, will expand the company’s capacity and modernise its fleet. The vessel acquisitions will be funded through a combination of IPO proceeds, the group’s internal funds, and an unutilised sukuk programme.

Orkim’s revenue model is underpinned by long-term time-charter and consecutive voyage charter contracts, complemented by contracts of affreightment for its CPP and LPG tankers. Petroliam Nasional Bhd (PETRONAS) and the Shell Group are major clients.

In its financial year ended Dec 31, 2024 (FY2024), the company reported a net profit of RM92.91 million, up 14.6% from RM81.05 million in FY2023, on revenue of RM316.59 million, compared with RM302.58 million the year prior. The group maintains a 92% utilisation rate for its vessels, while recurring charter income accounts for 86% to 95% of total revenue, providing predictable cash flow for fleet expansion.

Orkim has also committed to a dividend payout ratio of 50% to 70% of net profit.

CIMB Investment Bank is the IPO’s main adviser and lead underwriter, with RHB IB and Affin Hwang as joint underwriters. CIMB IB and RHB IB are joint bookrunners.

In a Nov 25 report, TA Research gave Orkim a target price of 94 sen. The research firm expects Orkim’s core earnings to improve in FY2026/27, supported by ongoing fleet expansion.

“As at June 2025, recurring revenue stood at RM145.5 million, and we anticipate this to continue rising in line with the expanding fleet and contract pipeline. However, we expect margin compression in view of lower daily charter rates amid a softer market environment,” TA Research flagged.

Malacca Securities, however, assigned a fair value of RM1.16 per share for Orkim, indicating a 26.6% upside from its IPO price. Its research team observed that the CPP and LPG marine transport industry is characterised by substantial capital requirements, strict technical compliance and regulatory licensing such as domestic shipping licence and PETRONAS licence.

“The group’s proven adherence to stringent energy-sector standards, coupled with recognised performance awards, positions it favourably versus new entrants,” it wrote in a Nov 26 IPO note.

Wasco Greenergy is gearing up for its debut on Bursa Malaysia on Dec 11, marking the spin-off of Wasco Bhd’s (KL:WASCO) renewable-energy unit as a standalone listed entity. The move positions the subsidiary as a focused biomass energy player with ambitions across Southeast Asia, particularly Indonesia.

The Main Market IPO, priced at RM1 per share, involves 75 million new shares and 75 million existing shares offered for sale by Wasco and Tema Energy Ventures Sdn Bhd. Up to 30% of the enlarged share capital will be available to investors.

Investor appetite for the public portion of the IPO appears to be strong. According to Vistra, formerly known as Tricor Investor & Issuing House Services Sdn Bhd, the 10 million new shares offered to Malaysian retail investors were oversubscribed by 12.11 times, with a total of 5,871 applications received for 131.13 million shares.

The bumiputera tranche was oversubscribed by 8.09 times, while the remaining shares saw an oversubscription of 16.14 times. New shares allocated to eligible persons, entitled shareholders of Wasco, and bumiputera institutional investors were fully subscribed, as were the existing shares offered to selected investors.

Of the RM75 million raised from the IPO’s new share issuance, slightly more than half — 50.9% or RM38.2 million — will fund the company’s business expansion and its transition into owning and operating a biomass steam power plant. The remainder will support machinery acquisition, the expansion of Indonesian operations, digitalisation of business systems and processes, research and development, and listing-related expenses.

Proceeds from the offer-for-sale portion would accrue to Wasco and Tema Energy Ventures, while Wasco’s shareholding will be trimmed from 88.87% to 62.54% post-listing, while Tema’s will drop from 11.13% to 7.46%.

The separation from Wasco’s oil-and-gas infrastructure business reflects different market focuses. As Wasco managing director and group CEO Giancarlo Maccagno said at the prospectus launch on Nov 20, the listing of Wasco Greenergy represents “the next logical step”.

“It signifies a focused, scalable platform built on deep international power, directed towards green infrastructure and renewable energy opportunities,” he said.

On the rationale behind the spin-off, Maccagno said: “We have split the business because we saw that there is no clear synergy in the two businesses. There is not a lot of cooperation, besides support functions and so on.”

Wasco Greenergy specialises in biomass steam energy systems, heat recovery steam generators, steam turbine generator systems, gas-fired steam energy systems and other palm-oil milling equipment. In Malaysia, it holds a 16.8% market share for steam turbines and 14.1% for biomass steam systems.

Regionally, it commands over 60% market share in Indonesia’s non-utility turbine segment, though its biomass boiler share remains below 5%, which Wasco Greenergy CEO Lee Yee Chong identified as a key opportunity for growth.

Lee also highlighted potential for expansion beyond Indonesia.

“The next we can see is Singapore with its decarbonisation policy as well as carbon tax, which is quite high in Singapore, so there’s another area that we can actually put in more effort.”

In a Nov 27 report, PublicInvest Research gave Wasco Greenergy a fair value of RM1.10.

“The group has over 1,500 customers, which strengthens recurring demand and broadens market penetration. Its customer portfolio includes large palm oil players such as Sime Group and FGV Group. There is no customer concentration risk, as no single customer accounts for more than 10% of total revenue,” it wrote.

However, RHB IB gave Wasco Greenergy a target price of 87 sen, signalling a potential downside of 13%.

“The (IPO) valuation [that] implies 18 times FY2026 PER (price-earnings ratio) (above its peers’ average of 17 times) is overvalued, in our view, given its smaller size (peers’ average of RM1 billion vs Wasco Greenergy’s RM500 million) and lower earnings growth of 5%-18%, as compared to peers’ average of 26-40%,” its research analyst warned.

For LAC Med’s IPO, please see page 26 in the Corporate section. 

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's App Store and Android's Google Play.