Daily Express Subscriber
Sign in to your account.

KUALA LUMPUR: Digital media publishing company Food Media Bhd, known for its KL Foodie social media brands, plans to raise funds through an initial public offering (IPO) on the ACE Market of Bursa Malaysia, The Edge Malaysia reported.

The IPO will raise capital for workforce expansion, the acquisition of a live-streaming building, and the purchase of upgraded equipment and software with artificial intelligence capabilities, according to its prospectus.

The offering will comprise 250 million shares, representing 28.15 per cent of the company’s enlarged capital, with 59.4 million shares allocated for retail investors and 190.6 million for institutional investors via private placement.

Following the IPO, significant shareholders, including CEO Nicholas Lim Pinn Yang and COO Ang Rui Mei, will see their stakes reduced, with the Lim family’s collective stake decreasing across several entities.

Food Media, which operates 34 lifestyle-focused brands across Southeast Asia, reported a net profit of RM7.45 million for the financial year ending August 31, 2024, on revenue of RM23.95 million, with a gross profit margin of 59.4 per cent.