Semico Capital Berhad

Date of Prospectus: 24 November 2025

Semico Capital Berhad IPO: Comprehensive Investor Analysis, Key Metrics, and Market Outlook

Explore a deep-dive into the Semico Capital Berhad IPO—Malaysia’s latest ACE Market listing—covering financials, sector outlook, use of proceeds, risks, dividend policy, and a grounded assessment of listing prospects for investors and analysts.

IPO Snapshot

IPO Symbol: Not explicitly stated in the document.
Offer Price: RM0.25 per share.
Total Offer Size: 92,670,800 new shares issued, bringing total post-IPO outstanding shares to 360,000,000.
Offer Structure:

• Public Issue: 92,670,800 new shares (25.74% of enlarged share capital, post-IPO)
• Offer for Sale: 18,000,000 shares (5.00% of enlarged share capital) by a selling shareholder, via private placement
• Post-IPO Outstanding Shares: 360,000,000

Indicative Timetable:

• Application Opens: 10:00 AM, 15 December 2025
• Application Closes: 5:00 PM, 2 January 2026

Use of Proceeds

Growth-oriented capital deployment: Semico Capital Berhad intends to use the RM23,167,700 gross proceeds as follows:

Conclusion: The majority of proceeds are earmarked for expansion—new machine purchases, toys, and working capital—while a smaller portion targets debt reduction, signaling a growth-driven IPO with prudent balance sheet management [[102]].

Dividend Policy and Commitment

No formal dividend policy exists, but Semico Capital Berhad intends to pay dividends in the future to allow shareholders to benefit from profits. Dividend declarations will depend on the Board’s recommendation and shareholders’ approval at the AGM. Dividend payouts for recent years:

Dividend payout ratios have increased meaningfully, suggesting a growing willingness to return capital as profits rise. However, no commitment or forecast for future payout rates is given [[91]].

Placement and Issuance Breakdown

• Public Issue: 92,670,800 new shares (25.74%)
• Offer for Sale (by existing shareholder): 18,000,000 shares (5.00%) via private placement to selected investors
• Enlarged Issued Share Capital Post-IPO: 360,000,000 shares
• Employee/Pink Form allocation: Allocations exist for eligible persons via Pink Form Application [[103]]

Investor Participation and Book Quality

Pre-Listing Investors:

• Equitic Dynamic Core PLT subscribed for 13,099,100 new shares (5.15% post-acquisition) at RM0.1543 per share for RM2,021,191 in March 2025.
• Offer for Sale of 18,000,000 shares is by a selling shareholder, proceeds accruing solely to them.

Implication: Early institutional interest and a structured offer for sale indicate an intention to diversify the shareholder base. Detailed anchor/institutional participation and subscription ratios by tranche are not disclosed.

Deal Parties and Structure

• Principal Adviser, Sponsor, Sole Placement Agent, Sole Underwriter: Affin Hwang Investment Bank Berhad
• Auditors & Reporting Accountants: Grant Thornton Malaysia PLT
• Solicitors: Ong Eu Jin Partnership
• Independent Market Researcher: Protege Associates Sdn Bhd
• Share Registrar: Boardroom Share Registrars Sdn Bhd
• Issuing House: Malaysian Issuing House Sdn Bhd

All deal parties have confirmed no conflict of interest in their respective roles. No explicit mention of a stabilization mechanism or greenshoe option is found. The participation of recognized Malaysian financial institutions as advisers and underwriters supports a credible and well-managed listing [[37]].

Company Overview

Semico Capital Berhad is an investment holding company. Through its subsidiaries, it is involved in:

• Family entertainment products and services (notably arcade and amusement machines)
• Wholesale and distribution of toys and collectables

Key Monetization Streams:

• Sales and distribution of amusement equipment and toys to major retail and entertainment operators
• Providing family attraction experiences

Geographies: Operations focused in Malaysia, with significant imports from China, Japan, Poland, Singapore, and the USA.
Major Customers: Mix Metro/Mastering Services and Aeon Fantasy accounted for a declining but still significant portion of revenue—down from 46.56% in 2022 to 19.82% in 2025 for Mix Metro, and from 13.85% to 21.69% for Aeon Fantasy over the same period.
Industry: Theme park and family attraction industry, as well as the pop toys industry in Malaysia [[45]].

Financial Health

Financial summary: The company has demonstrated robust growth in revenue, profits, and operating cash flows over the past four years. The balance sheet is strong with a low and declining gearing ratio and a robust current ratio as of FYE 2025. Dividend payout ratios have increased alongside profits, underlining improved shareholder returns [[40]][[83]][[91]].

Market Position and Competitive Advantages

• Key customers provide significant recurring revenue, but customer concentration is moderating as new clients are developed
• Supplier network is diversified, with products sourced globally
• Industry recognition as a leading provider in the Malaysian theme park and pop toys segment
• No direct or indirect interests from directors or major shareholders in competing businesses as at the latest practicable date [[37]]

Management Team

• Board of Directors and Key Senior Management—names and profiles not itemized in the provided extract, but the company highlights experienced leadership, with no reported conflicts of interest among board members or advisers [[37]]

Trends, Timing, and Environment

Sector Trends: The Malaysian family entertainment and pop toys industry is characterized by cyclical consumer demand, innovation-driven content, and reliance on popular culture trends. The company notes the risk of short product life cycles and the necessity to adapt to shifting customer preferences.

IPO Timing: The offer period runs from 15 December 2025 to 2 January 2026, with listing to follow, capitalizing on a period of sector recovery and renewed consumer spending momentum as described in the market research [[193]].

Economic/Market Environment: The company operates in a competitive environment with volatility in stock market prices, foreign exchange, and regulatory frameworks. However, it reports no unusual or infrequent events, or significant economic changes affecting performance as of the latest date [[89]].

Recent Developments

• Group reorganization and pre-IPO investments completed in 2025
• Acquisitions and share subscriptions by Equitic Dynamic Core PLT and MARC Experience finalized in March 2025
• New RM4 million banking facility secured in December 2024 for asset expansion [[101]]

Risk Factors

• No prior public market for shares; risk of illiquidity and price volatility post-listing
• Customer concentration: Significant historical reliance on two major clients, though reducing over time
• Supplier dependence and supply chain risk: Reliance on suppliers in China, Japan, Poland, Singapore, and the USA, exposing the company to global logistics risks
• Foreign exchange exposure: Transactions in multiple currencies (RM, JPY, USD), with potential consideration for hedging instruments
• Operational disruption: Exposure to sudden changes in end-customer preferences, short life cycles for products, and unexpected operational interruptions
• Regulatory and listing risk: Listing could be delayed or terminated if minimum public shareholding spread is not met, or if approvals are revoked
• Promoter control: Post-IPO, promoters collectively hold 65.62% of shares, with significant influence over corporate decisions
• Possible sale of promoter shares: Promoters may dispose after the moratorium, potentially impacting share price
• No material litigation as at the date of the prospectus [[23]][[24]][[83]]

Growth Strategy

• Expansion of machine and product inventory: Nearly half of IPO proceeds allocated to acquiring new arcade and amusement machines, signaling an aggressive growth mandate
• Working capital enhancement: Over RM4 million in IPO proceeds earmarked to support operational scalability and flexibility
• Debt reduction: Over RM1.6 million set for loan repayment, improving balance sheet strength and lowering future interest expense
• Ongoing sector adaptation: The Group intends to remain agile in response to evolving consumer and market trends [[102]]

Ownership and Lock-up Structure

• Pre-IPO Shareholding: Promoters to hold 65.62% (236,230,100 shares) post-listing
• Employee/Eligible Person allocation: Pink Form applications offered
• Lock-in/Promoter Moratorium: Shares subject to moratorium per regulatory requirements (exact period not specified)
• No outstanding warrants, options, or convertible securities as at the date of the prospectus [[24]][[190]]

Listing Outlook

Based strictly on disclosed figures and facts:

• Strong multi-year revenue and profit growth, robust cash flows, and a healthy balance sheet position Semico Capital Berhad as a compelling growth story.
• Prudent working capital management and increased dividend payout ratios highlight a maturing capital return profile.
• Significant proceeds are dedicated to capex, supporting future revenue growth and sector leadership ambitions.
• Risks include customer concentration, promoter control, and possible post-moratorium share sales, but these are moderated by a diversified supplier base and improving customer mix.
• Bookrunners and underwriters are credible and experienced, supporting potential for a stable listing.
• Based on the company’s numbers, the IPO appears attractively positioned for investors seeking exposure to Malaysia’s entertainment and toys sector, with a likely strong first-day trading performance relative to the offer price, barring broad market volatility or sector-specific shocks.

Prospectus Access

The prospectus can be obtained from Bursa Malaysia’s website at www.bursamalaysia.com.

How to Apply

Application Channels:

• Brokers, participating banks, and e-IPO platforms (White Application Form, Electronic Share Application, Internet Share Application for Malaysian individuals)
• Eligible persons (employees) via Pink Application Form

Application Window: 10:00 AM, 15 December 2025 to 5:00 PM, 2 January 2026.
Eligibility: Applicants must have a CDS account in their own name and a Malaysian correspondence address. Minimum application is 100 shares or multiples thereof [[193]][[194]].

This article is based solely on information contained within the official Semico Capital Berhad IPO prospectus dated 24 November 2025.