KUALA LUMPUR (Nov 4): Yes Group Management Bhd is accepting applications for its shares at 18 sen per share for the travel agency’s listing on the ACE Market.
The initial public offering (IPO) will raise RM24.8 million, of which RM16.5 million will go to the company. The remaining RM8.3 million will accrue to founder and managing director Angela Mak Shau Kwan.
Mak, 41, will see her stake reduced from 100% to 74% in the company she founded less than two decades ago.
Applications for the IPO will close on Nov 13 and listing is scheduled for Nov 26.
“The launch of our prospectus marks a significant milestone in our corporate journey as we take the next step towards our listing on the ACE Market,” Mak said at the launch of the listing prospectus. “Through this IPO, we aim to strengthen our capabilities and support the next phase of growth.”
Operating under the "Yes Travel" brand, the company mainly serves corporate clients in various industries and provides customised incentive travel and event planning services.
The company also holds a licence under the Malaysia My Second Home (MM2H) programme — a long-term residency scheme administered by the Securities Commission Malaysia that allows foreigners to reside in Malaysia under certain financial and eligibility criteria.
As of October, the company had an unbilled order book totalling RM34.6 million that will continue to provide revenue up to 2028.
At the IPO price, Yes Group will have a market capitalisation of RM95.4 million, valuing the company at about 13 times its trailing earnings upon listing. Net profit for the financial year ended June 30, 2026 stood at RM7.5 million, while revenue was RM67.1 million.
The company is allocating nearly 40% of the proceeds or RM6.5 million for the expansion of ground transportation services in Europe and to set up a regional office in the UK.
Yes Group is setting aside RM3 million for the establishment of Yes Academy while offering development and training programmes to develop tour leaders and tour managers, as it aims to improve company's operational efficiency.
The rest will go towards general working capital and to cover estimated listing expenses.
Malacca Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.