Yes Group Management Berhad has entered into an underwriting agreement with Malacca Securities Sdn Bhd for its upcoming listing on the ACE Market of Bursa Malaysia Securities Berhad. The MICE specialist reported an 82.4% rise in revenue to RM75.47 million for FYE 2025.

Malacca Securities will underwrite 31.80 million new shares, comprising 26.50 million shares for the Malaysian Public and 5.30 million shares for eligible directors and employees. The total IPO offering consists of 137.80 million shares, split between a public issue of 91.87 million new shares and an offer for sale of 45.93 million existing shares.

IPO Structure

The public issue and offer for sale are allocated as follows:

Malacca Securities acts as the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO.

What the Numbers Show

While Yes Group's revenue grew 82.4% from RM41.39 million in FYE 2023 to RM75.47 million in FYE 2025, profit after tax increased at a slower pace of 43.0% over the same period, rising from RM5.13 million to RM7.34 million. This indicates that the company's bottom-line growth lagged behind its topline expansion during this two-year period.

Yes Group Management Berhad has received approval from Bursa Malaysia Securities Berhad to list on the ACE Market. The initial public offering will comprise 137.80 million ordinary shares, consisting of a public issue and an offer for sale.

The company, which operates the "Yes Travel" brand and specializes in Meetings, Incentives, Conferences, and Exhibitions (MICE) solutions, traces its operating history back to 2008. It began with corporate event planning before expanding into domestic incentive travel in 2010 and overseas operations in 2014.

IPO Structure

The total offering is divided into a public issue of 91.87 million new shares and an offer for sale of 45.93 million existing shares. Upon listing, the enlarged issued share capital will stand at 530.00 million shares.

The public issue allocation includes:

• Malaysian Public: 26.50 million shares (5.00%), split equally between general public investors and Bumiputera public investors.
• Eligible Persons: 5.30 million shares (1.00%) allocated to directors, employees, and contributors via Pink Form Allocations.
• Bumiputera Private Placement: 60.07 million shares (11.33%) reserved for investors approved by the Ministry of Investment, Trade and Industry (MITI).

The offer for sale comprises:

• Bumiputera Private Placement: 6.18 million shares (1.17%) by MITI-approved investors.
• Selected Investors: 39.75 million shares (7.50%) placed privately.

Use of Proceeds

Yes Group intends to utilize proceeds from the public issue for specific strategic expansions and operational enhancements:

• Expansion of ground transportation services in Europe.
• Establishment of a regional office in the United Kingdom.
• Creation of Yes Academy, a training center for tour leaders and managers.
• General working capital and estimated listing expenses.

Management stated that the UK office and European ground transportation expansion aim to strengthen incentive travel capabilities, improve pricing competitiveness, and enhance cost control. Malacca Securities Sdn. Bhd. serves as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the IPO.