Yes Group opens ACE Market IPO at 18 sen
The RM24.8 million offering will provide RM16.5 million to the travel agency, with applications closing on Nov 13.
Yes Group Management Bhd has opened applications for an initial public offering (IPO) priced at 18 sen per share ahead of its planned ACE Market debut on Nov 26. The offering is expected to raise RM24.8 million.
The company will receive RM16.5 million, while RM8.3 million will go to founder and managing director Angela Mak Shau Kwan. Her ownership will fall to 74% from 100% following the IPO. Applications close on Nov 13.
Yes Group said it has earmarked RM6.5 million to expand its European ground transport services and establish a UK regional office. Another RM3 million is allocated to setting up Yes Academy, which will offer training and development for tour leaders and tour managers. The balance is intended for general working capital and estimated listing costs.
Trading as Yes Travel, the company focuses on corporate customers, offering tailored incentive trips and event planning. It reported RM34.6 million in unbilled orders as of October, with revenue from those orders extending to 2028.
For the financial year to June 30, 2026, Yes Group recorded revenue of RM67.1 million and net profit of RM7.5 million. Its IPO price implies a market capitalisation of RM95.4 million and a valuation of about 13 times trailing earnings.
Malacca Securities is advising on the IPO as principal adviser and also serves as sponsor, underwriter and placement agent.
