KUALA LUMPUR (Sept 28): Thong Bowl restaurant chain operator, Thong World Bhd has filed its draft prospectus for an ACE Market listing, as the group seeks to raise fresh capital to open more outlets and deploy kiosk machines.

The initial public offering will comprise a public issuance of 176.8 million shares, which will enlarge the group's share capital by 26% to 680 million shares.

There is no accompanying offer for sale, which means existing shareholders are not cashing out under the IPO.

Of the public issue, 34 million shares will be allocated to the Malaysian public through balloting, 15 million are reserved for eligible directors, employees and persons who have contributed to the group. and the remaining 127.8 million will be placed out to institutional and selected investors.

The IPO's pricing and the indicative market capitalisation will be determined later.

The company currently runs 21 outlets and two kiosks nationwide, complemented by its branded Tong Cha beverage and dessert selections.

As part of its expansion, the group intends to open 20 restaurants nationwide and nine new Tong Cha+ kiosks in the peninsula by Sept 30, 2029 (FY2029).

It also plans to utilise part of the IPO proceeds to expand its packaged food segment under the Thong Bowl brand.

Thong World is controlled mainly by its two co‑founders, executive director and chief executive officer Michelle Yeong, whose stake will be reduced to 23.3% from 31.2%, and  executive director and chief marketing officer Tan See Yee, whose holding will diluted to 3.2% from 3.8% following the IPO.

Tan Sri Mokhzani Mahathir, the son of former prime minister Tun Dr Mahathir Mohamad, has a stake of just under 2% through Kencana Capital, alongside other investors disclosed in the prospectus.

One of the substantial shareholders is listed as Mahathir Mohamed Mokhzani, holding a 6% stake that will be diluted to 4.44% post‑IPO.

The company's earnings grew from a loss after tax of RM249,000 in 2023, to net profits of RM874,000 in 2024 and RM3.06 million in 2025.  

For the financial year ended March 31, 2026, the group reported a net profit of RM4.07 million on a revenue of RM36.74 million.

CGS International Securities Malaysia Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the proposed listing.