Yes Group sets IPO at 18 sen ahead of November listing

Yes Group Management Bhd has priced its initial public offering at 18 sen a share for a planned ACE Market debut on November 26. The Malaysian meetings, incentives, conferences and exhibitions (MICE) services provider expects the public issue to generate RM16.54 million in gross proceeds.

The offering covers 137.8 million shares, equivalent to 26 per cent of the enlarged share capital of 530 million shares. It combines 91.87 million newly issued shares with 45.93 million existing shares offered for sale. The estimated market capitalisation at listing is RM95.4 million.

Yes Group plans to spend RM6.5 million on expanding ground transport operations in Europe and opening a regional office in the United Kingdom. It has earmarked RM3 million for Yes Academy, RM3.04 million for general working capital and RM4 million for listing expenses.

Managing director Angela Mak Shau Kwan said the academy would train tour leaders and tour managers to meet the company's service standards. She also outlined plans to expand the Malaysia My Second Home (MM2H) business.

Within the new-share issue, Malaysian public applicants can seek 26.5 million shares through balloting, while eligible persons have an allocation of 5.3 million shares. A further 60.07 million shares are designated for Bumiputera investors approved by the Investment, Trade and Industry Ministry. The existing-share sale allocates 6.18 million shares to Bumiputera investors and 39.75 million to selected investors.

The company traces its origins to Yes Travel & Holidays Sdn Bhd in 2008. Its services include customised incentive trips, event planning and management, and MM2H solutions through Yes Second Home (MM2H) Sdn Bhd.

Applications close on November 13. Balloting is scheduled for November 17, followed by allotment on November 24. Malacca Securities Sdn Bhd is acting as principal adviser, sponsor, underwriter and placement agent.