KUALA LUMPUR (Oct 7): Lighting solutions provider Speedy Best Holdings Bhd, which also manufactures and sells steel poles and provides smart city solutions, is planning an ACE Market listing to raise funds for capacity expansion and to further develop its proprietary platform that uses artificial intelligence for smart city management.

The initial public offering (IPO) will comprise a public issue of 185 million new shares representing 18.05% of the group’s enlarged share capital of 1.025 billion shares upon listing, and an offer for sale of 82 million existing shares (8% of share capital), at a price to be fixed, according to its draft prospectus.    

Of the new shares, 51.25 million shares (5% of share capital) will be offered to the Malaysian public, while 5.63 million shares will be allocated to eligible persons. The balance 128.13 million shares will be placed out to Bumiputera investors approved by the Ministry of Investment, Trade and Industry.

Proceeds raised from the public issue will be used to set up a new plant for its lighting products, expand its steel pole manufacturing operations, develop the smart city platform CONNECTcity, repay borrowings, fund working capital, and listing expenses.

Of the offer for sale, under which all 82 million existing shares will be placed out to selected investors, the selling shareholders are: founder Moh Soon Chet @ Mok Soon Chet, his son and daughter Mok Chuang Siang and Mok E-Wei, and head of pole division Ethiraj Ramasamy @ Sangaram.

All three Moks are executive directors of the company. Chuang Siang is also the managing director cum chief executive officer, while E-Wei is the chief operating officer.

Soon Chet will dispose of 34.54 million shares, cutting his direct stake to 6.2% from 11.6%, while Chuang Siang will sell 28.19 million shares, trimming his direct stake to 5% from 9.5%. E-Wei will let go of 18.14 million shares, lowering her stake to 3.2% from 6.1%. Ethiraj will sell 1.13 million shares, reducing his 1.4% stake to 1%.

The Mok family's vehicle — SCM Holdings Sdn Bhd — will retain all of its 600 million shares, although its stake will be diluted to 58.5% from 71.4% post-IPO.

Incorporated in 1995, Speedy Best traces its business origins to 1988, when Soon Chet was involved in assembling decorative Christmas lighting for export, primarily to the UK.

The lighting solutions business remained Speedy Best's largest contributor in the financial year ended Sept 30, 2025 (FY2025), generating RM58.6 million or 55.5% of group revenue, followed by steel poles at RM25.5 million or 24.2%, and smart city solutions at RM18.8 million or 17.9%.

Speedy Best’s net profit more surged to RM21.29 million in FY2025 from RM8.48 million in FY2023, as revenue doubled to RM105.47 million from RM52.64 million. For the first six months of FY2026, net profit slipped 8.8% year-on-year to RM8.62 million from RM9.45 million, though revenue rose 9.3% to RM49.96 million from RM45.7 million. 

As at end-August, the group had secured 53 projects worth RM162.6 million, with unbilled orders of RM115.9 million.

M&A Securities Sdn Bhd is the principal adviser, sole sponsor and managing underwriter. It is also a joint underwriter and joint placement agent for the IPO, together with AmInvestment Bank Bhd.