KUALA LUMPUR (April 15): Manforce Group Bhd (KL:MFGROUP), a foreign worker recruitment firm, is now accepting applications from investors for its ACE Market listing that will raise RM38 million.
Priced at 38 sen per share, the initial public offering (IPO) is expected to raise RM30.4 million for its operations and expansion, according to its prospectus. An offer for sale of existing shares, meanwhile, will generate another RM7.6 million for its managing director Datuk Wong Boon Ming.
Applications for the IPO will close on April 21, with the company slated to list on May 6.
Manforce is a one-stop workforce management services firm, specialising in foreign worker recruitment and management as well as project cleaning services. The company was previously listed on the LEAP Market.
Upon listing, Manforce is expected to have a market capitalisation of about RM152 million. At the IPO price, the company is valued at about 16 times its trailing 12-month earnings.
The company has earmarked RM14.74 million from the IPO’s proceeds to expand the group’s business operations by increasing its recruitment quota. The rest will go towards IT and operational upgrades, as working capital and to cover listing expenses.
All in all, the IPO will offer investors up to 25% in Manforce, which made a net profit of RM10.2 million on revenue of RM181.1 million in 2025. Wong and his wife Lim Gun Kiao together are the largest shareholders of the company. Post-listing, their combined stake will be diluted to 65.2%.
M & A Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO, while Eco Asia Capital Advisory Sdn Bhd is the financial adviser.