KUALA LUMPUR (June 16): RNG Tech Bhd has unveiled its initial public offering (IPO) for its listing on the ACE Market, aiming to raise RM16.39 million to expand their reach in overseas markets and make upgrades to their existing stations.
The IPO is priced at 13 sen per share with a price-earnings multiple of 16.9 times based on their profit after tax for the financial year ended Dec 31, 2025 (FY2025), according to its prospectus released on Tuesday. Upon listing, the group is expected to have a market capitalisation of RM102.4 million.
Applications for the IPO will close on June 24 and listing is scheduled for July 7.
RNG Tech owns and operates 5,611 vending massage chairs across Malaysia, Singapore, Thailand, Cambodia and Brunei under the “Rest N Go” brand.
In addition, 2,458 vending massage chairs are deployed in Vietnam and the Philippines under licensing arrangements.
Of the RM16.39 million being raised, 29.9% of proceeds from the public issue will be channelled towards setting up new stations and premium outlets, 13.3% will be allocated to refurbishing and upgrading existing outlets, and 18.3% was earmarked to repay borrowings.
Meanwhile, 25.6% or RM4.2 million will be used to cover estimated listing expenses, while the remainder will be used for marketing expenses and working capital.
The public issue comprises 126.08 million new shares, while the offer for sale consists of 78.8 million existing shares.
RNG Tech managing director Datin Sophia Tan Sok Fei and her husband, independent non-executive director Datuk Goh Cheh Yak will pocket RM10.24 million from the offer for sale under the IPO. Goh, who is also a co-founder of RNG Tech, stepped back from day-to-day operations to focus on expanding Gintell that sells massage chairs and fitness equipment.
Post-listing, Tan’s stake will reduce from 9.4% to 0.7%, while Goh’s stake will be pared from 90.6% to 73.3%.
In a separate filing, RNG Tech posted a net profit of RM3.36 million and revenue of RM16.89 million for the first quarter ended March 31, 2026 (1QFY2026). There are no comparative figures as this is the group’s first interim financial report.
“Moving forward, the group will continue to focus on expanding its deployment network, enhancing customer experience through digital solutions and strengthening its presence in both domestic and overseas markets,” said the group in the filing.
M&A Securities is the adviser, sponsor, underwriter and placement agent for the IPO.