Speedy Best seeks ACE Market listing for expansion funding

Speedy Best Holdings Bhd is proposing an ACE Market IPO comprising 185 million new shares and a sale of 82 million existing shares, its draft prospectus shows. The lighting, steel pole and smart city solutions group intends to fund capacity expansion and further develop its artificial intelligence-based platform.

The new issuance represents 18.05% of enlarged capital totalling 1.025 billion shares, while the existing shares account for 8%. Pricing remains undetermined. Besides a new lighting products plant and additional steel pole manufacturing capacity, proceeds will go towards CONNECTcity development, debt repayment, working capital and listing expenses.

The allocation for the Malaysian public is 51.25 million new shares, with 5.63 million reserved for eligible persons. A further 128.13 million shares are intended for Bumiputera investors approved by the Ministry of Investment, Trade and Industry.

Selected investors will buy the existing shares from founder Moh Soon Chet @ Mok Soon Chet, his children Mok Chuang Siang and Mok E-Wei, and pole division head Ethiraj Ramasamy @ Sangaram. SCM Holdings Sdn Bhd, the Mok family's holding vehicle, will retain 600 million shares. Its stake will fall from 71.4% to 58.5% following the IPO.

FY2025 revenue reached RM105.47 million and net profit stood at RM21.29 million. In FY2026's first six months, revenue grew 9.3% year-on-year to RM49.96 million, but net profit declined 8.8% to RM8.62 million. Lighting generated RM58.6 million, accounting for 55.5% of FY2025 revenue.

The group reported 53 secured projects with a combined value of RM162.6 million at end-August; RM115.9 million remained unbilled. M&A Securities Sdn Bhd serves as principal adviser, sole sponsor and managing underwriter, and shares underwriting and placement-agent responsibilities with AmInvestment Bank Bhd.