Yes Group prices ACE Market IPO at 18 sen, eyes Europe expansion

KUALA LUMPUR: Malaysia-based meetings, incentives, conferences and exhibitions (MICE) solutions provider Yes Group Management Bhd has set its initial public offering (IPO) price at 18 sen per share ahead of its ACE Market listing on Nov 26.

The public issue is expected to raise RM16.54 million in gross proceeds, with an estimated market capitalisation of RM95.4 million upon listing.

The IPO involves 137.8 million shares, representing 26 per cent of the company's enlarged issued share capital of 530 million shares. It comprises a public issue of 91.87 million new shares and an offer for sale of 45.93 million existing shares.

Of the public issue, 26.5 million shares are allocated to the Malaysian public through balloting, while 5.3 million shares are reserved for eligible persons. Another 60.07 million shares will be placed with Bumiputera investors approved by the Investment, Trade and Industry Ministry.

Meanwhile, the offer for sale comprises 6.18 million shares allocated to Bumiputera investors and 39.75 million shares to selected investors.

Of the proceeds, RM6.5 million will fund the expansion of its ground transportation services in Europe and the establishment of a regional office in the United Kingdom.

Another RM3 million will be allocated to establish Yes Academy, while RM3.04 million will go towards general working capital.

The remaining RM4 million will be used to defray expenses related to the listing exercise.

Managing director Angela Mak Shau Kwan said the prospectus launch marked a significant milestone as the company prepares for its next phase of growth.

"Through this IPO, we aim to strengthen our capabilities and support the next phase of growth, including the expansion of our ground transportation services in Europe and the establishment of a regional office in the United Kingdom," she said during the launch of the prospectus today.

Mak said the company would also establish Yes Academy to develop tour leaders and tour managers in line with its service standards, alongside expanding its Malaysia My Second Home (MM2H) segment.

Yes Group has 18 years of operating history, tracing its beginnings to Yes Travel & Holidays Sdn Bhd in 2008. It provides customised incentive travel, event planning and management, as well as MM2H solutions through its subsidiary, Yes Second Home (MM2H) Sdn Bhd.

The company's end-to-end services cover itinerary planning, travel arrangements, event coordination, execution and post-travel support.

It serves customers across Malaysia, Asia, Europe, Oceania, America and Africa.

The IPO application period opens today and closes on Nov 13, with balloting scheduled for Nov 17 and share allotment on Nov 24.

Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.