MFGROUP Manforce Group
Key figures
- IPO price
- RM 0.38
- Day 1 open
- RM 0.375
- Day 1 close
- RM 0.375
- Current price
- RM 0.285
- Day 1 open %
- -1.3%
- Day 1 close %
- -1.3%
- Since listing
- -25.0%
- Oversubscription
- 2.07x
- Market cap
- RM 152.0 M
- Offer size
- 100 M
- Enlarged shares
- 399.98 M
- Float
- 25%
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) | 20 M | 20.0% |
| Bumiputera / MITI | 50 M | 50.0% |
| Private placement | 19.998 M | 20.0% |
| New shares issued | 80 M | 80.0% |
| Offer for sale | 20 M | 20.0% |
Business profile (from the prospectus)
Prospectus excerpt shown in the document's original language.
Our Group is a workforce management service provider in Malaysia where we provide services to assist customers in meeting their workforce needs. Our Group’s business segments are as follows: (a) Foreign worker management services : provision of human resource, payroll solutions, administration support, training, welfare solutions and immigration related solutions for foreign workers employed by our customers under their respective foreign workers recruitment quota issued by MOHA;
Source: company prospectus, PDF page 128.
Use of proceeds (from the prospectus)
| Item | RM'000 | % |
|---|---|---|
| Business expansion through new recruitment quotas | 14,736 | 48.5% |
| Enhancement of IT operational system | 4,640 | 15.3% |
| Working capital | 6,322 | 20.8% |
| Estimated listing expenses | 4,700 | 15.4% |
Source: company prospectus, PDF page 37.
Financials (from the prospectus)
| FY | Revenue (RM'000) | PATAMI (RM'000) | Margin | EPS (sen) |
|---|---|---|---|---|
| FPE2026 | 117,781 | 5,295 | 4.50% | 1.30 |
| FYE2023 | 83,737 | 2,388 | 2.85% | 0.60 |
| FYE2024 | 145,450 | 5,871 | 4.04% | 1.50 |
| FYE2025 | 181,093 | 10,194 | 5.63% | 2.50 |
Latest-FY revenue growth: +24.51%. PE at the IPO price: 15.20. Source: company prospectus (verified excerpts), PDF page 37.
Board context: ACE
Across 217 ACE IPOs in the database: median day-1 close +13.5% (P25 +0.0%, P75 +45.7%), median since-listing -8.0%. 71.0% closed day 1 above their IPO price.
This IPO's day-1 close of -1.3% sits at P24 of its board · This IPO's since-listing of -25.0% sits at P32 of its board
Board peers: ACE
| Symbol | Listed | IPO price | Day 1 close | Since listing | Market cap |
|---|---|---|---|---|---|
| AGX | 07 Feb 2024 | RM 0.35 | +2.9% | +28.6% | RM 151.5 M |
| CLITE | 26 Mar 2025 | RM 0.25 | -8.0% | -4.0% | RM 150.0 M |
| KUCINGKO [NS] | 26 Jul 2024 | RM 0.30 | +90.0% | -70.0% | RM 150.0 M |
| ECOSYS | 14 Oct 2026 | RM 0.27 | +196.3% | +190.7% | RM 154.3 M |
| YEWLEE | 07 Jun 2022 | RM 0.28 | +3.6% | +62.0% | RM 149.1 M |
| SINKUNG | 15 May 2024 | RM 0.13 | +7.7% | -19.2% | RM 156.0 M |
| SMART | 28 May 2024 | RM 0.40 | +15.0% | -53.8% | RM 147.9 M |
| CRPMATE | 05 Dec 2024 | RM 0.20 | +5.0% | -12.5% | RM 147.6 M |
Audit
No audit published for this IPO.