The Kuala Lumpur-based company has hired advisers for the planned share sale.
Monday 13, May 2019
(Bloomberg) --Loob Holding, which owns the Tealive bubble brand, is planning a Malaysian initial public offering (IPO) that could raise as much as MYR 300 million ($72 million).
The firm is considering seeking a valuation of as much as MYR 1 billion and targets a listing next year.
Bryan Loo, Loob Holding’s Chief Executive Officer, said, “We have engaged corporate advisers for this exercise, we cannot confirm the valuation sought nor the IPO portion pending final recommendations from our advisers.”
Malaysia has seen $9.4 million first-time share sales so far, this year, far less than the $47.8 million in the same period in 2018. The country’s IPO market is expecting a boost this month from a $250 million offering by Leong Hup International and some of its existing shareholders.
Loob Holding will be joining companies like Malaysia KFC operator QSR Brands (M) Holdings and home improvement chain Mr DIY in seeking a listing in Kuala Lumpur.
Deliberations of Loob Holding’s IPO plan are still in early stages and may not necessarily lead to a deal.
Loob Holding, which owns other food and beverage brands such as Ko Ko Kai and Define Food, runs more than 200 outlets in Malaysia and also has stores in China, Vietnam and Australia.