HI
Key figures
- IPO price
- RM 1.22
- Day 1 open
- RM 1.27
- Day 1 close
- RM 1.33
- Current price
- RM 2.46
- Day 1 open %
- +4.1%
- Day 1 close %
- +9.0%
- Since listing
- +101.6%
- Oversubscription
- 6.57x
- Market cap
- RM 610.0 M
- Offer size
- 130 M
- Enlarged shares
- 500 M
- Float
- 26%
Four recorded prices. Spacing between points is not a time scale; the dashed line is the IPO price.
Offer structure
| Tranche | Shares | % of offer |
|---|---|---|
| Malaysian public (balloting) | 10 M | 7.7% |
| Bumiputera / MITI | 47.5 M | 36.5% |
| Private placement | 67.5 M | 51.9% |
| New shares issued | 95 M | 73.1% |
| Offer for sale | 35 M | 26.9% |
Business profile (from the prospectus)
Prospectus excerpt shown in the document's original language.
We operate within themass transit sector providing both cross-border and local bus services.We provide cross-border bus services to the public mainly between Johor Bahru and Singapore , intracity bus services serving routes in Johor, Melaka and the Klang Valley , and intercity bus services for longer-distance travel between cities, towns or states. We also provide chartered bus services which primarily cater to corporations for specific purposes over a defined period. Our other services include the provision of repair and maintenance services and rental of advertising space.
Source: company prospectus, PDF page 151.
Use of proceeds (from the prospectus)
| Item | RM'000 | % |
|---|---|---|
| Bus fleet expansion and electrification | 70,000 | 60.4% |
| Expansion of EV charging infrastructure | 15,000 | 12.9% |
| Technological enhancement | 5,000 | 4.4% |
| Working capital | 17,900 | 15.4% |
| Defraying fees and expenses in relation to our IPO and Listing | 8,000 | 6.9% |
Source: company prospectus, PDF page 41.
Financials (from the prospectus)
| FY | Revenue (RM'000) | PATAMI (RM'000) | Margin | EPS (sen) |
|---|---|---|---|---|
| FY2022 | 31,468 | |||
| FY2023 | 119,632 | 19,514 | 16.31% | 3.90 |
| FY2024 | 207,713 | 33,172 | 15.97% | 6.63 |
Latest-FY revenue growth: +73.63%. PE at the IPO price: 18.40. Source: company prospectus (verified excerpts), PDF page 80.
Board context: MAIN
Across 57 MAIN IPOs in the database: median day-1 close +3.9% (P25 -2.2%, P75 +27.6%), median since-listing +0.0%. 61.4% closed day 1 above their IPO price.
This IPO's day-1 close of +9.0% sits at P61 of its board · This IPO's since-listing of +101.6% sits at P86 of its board
Board peers: MAIN
| Symbol | Listed | IPO price | Day 1 close | Since listing | Market cap |
|---|---|---|---|---|---|
| AMEREIT | 20 Sep 2022 | RM 1.13 | +2.6% | +44.2% | RM 587.6 M |
| MKHOP | 30 Apr 2024 | RM 0.62 | -0.8% | -0.8% | RM 634.6 M |
| PGLOBAL | 03 Mar 2025 | RM 0.68 | -15.4% | -34.6% | RM 578.0 M |
| MEGAFB [NS] | 11 Nov 2024 | RM 0.67 | -2.2% | +18.7% | RM 566.1 M |
| MSTGOLF | 20 Jul 2023 | RM 0.81 | -3.7% | -75.3% | RM 664.9 M |
| AME | 14 Oct 2019 | RM 1.30 | +19.2% | +79.2% | RM 555.2 M |
| FEYTECH | 21 May 2024 | RM 0.80 | +37.5% | -61.9% | RM 674.6 M |
| WELLCHIP [NS] | 23 Jul 2024 | RM 1.15 | +49.6% | +34.8% | RM 690.0 M |
Audit
No audit published for this IPO.