Kee Ming Group Berhad

Prospectus Date: 21 January 2026

Kee Ming Group Berhad IPO: In-Depth Analysis, Offer Structure, and Investment Outlook (2026)

Kee Ming Group Berhad’s IPO is set to be one of the most closely-watched listings on the ACE Market of Bursa Malaysia Securities in 2026. This comprehensive analysis breaks down all key details of the offering, business fundamentals, financials, growth strategy, and risk factors, arming investors and analysts with the facts required to evaluate this market debut.

IPO Snapshot: Key Terms and Structure

Kee Ming Group Berhad is offering a total of 82,875,000 ordinary shares at an IPO price of RM0.38 per share, representing 25.5% of the enlarged issued share capital (325,000,000 shares post-IPO). The IPO comprises a public issue of 66,625,000 new shares and an offer for sale of 16,250,000 existing shares. The market capitalisation upon listing is projected at RM123.5 million [[36]], [[45]].

Placement & Issuance Breakdown:

• Malaysian Public (balloting): 16,250,000 shares (5.0% of enlarged shares)
• Pink Form Allocations (Directors, employees, contributors): 8,125,000 shares (2.5%)
• Private Placement (Selected Investors): 17,875,000 shares (5.5%)
• Private Placement (Identified Bumiputera Investors): 40,625,000 shares (12.5%)

Clawback and reallocation provisions ensure flexibility to maximize public and institutional participation [[36]], [[45]], [[48]].

Use of Proceeds:

• Project Working Capital: RM13.0 million (51.3%)
• Performance Bond for Projects: RM4.0 million (15.8%)
• Expansion of Project Team: RM1.72 million (6.8%)
• ERP System Purchase: RM1.0 million (3.9%)
• General Working Capital: RM0.6 million (2.4%)
• Listing Fees & Expenses: RM5.0 million (19.8%)

This signals a strong growth-driven story, with a major focus on scaling operations and delivery capabilities [[44]], [[54]].

Dividend Policy:

• No fixed dividend policy currently.
• Future dividends subject to profitability, capital needs, and Board discretion.
• No dividends declared or paid for the periods under review, nor any pre-listing commitment.

[[44]], [[68]]

Investor Participation & Book Quality

Tranche Allocations:

• Public balloting and Pink Form allocations are fully underwritten by TA Securities.
• Private placements to Selected Investors and identified Bumiputera investors are not underwritten, but irrevocable undertakings are obtained from subscribers.

Pre-Listing Shareholder Sales: The Selling Shareholder, Ir. Liew Kar Hoe, is offering 16,250,000 existing shares (5.0% of enlarged shares) through the offer for sale [[47]].

Book Quality & First Day Performance: The combination of full underwriting for public tranches and irrevocable undertakings for placements suggests robust book-building. The strong allocation to institutional and Bumiputera investors, combined with healthy public participation, points to a potentially strong first-day performance, especially given compliance with all regulatory and public spread requirements [[32]], [[33]], [[48]].

Deal Parties & Structure

Key Deal Parties:

• Principal Adviser, Sponsor, Sole Placement Agent, Sole Underwriter: TA Securities Holdings Berhad
• Issuing House: Malaysian Issuing House Sdn Bhd
• Auditors/Reporting Accountants: Ecovis Malaysia PLT
• Independent Market Research: Protégé Associates Sdn Bhd

[[3]], [[14]], [[17]]

Stabilization/Over-Allotment: No over-allotment (“greenshoe”) option is present. Allotment is strictly based on the offer structure [[48]].

Implications for Listing Day: The presence of a reputable sole underwriter and placement agent, along with full underwriting of the public offer, supports a stable and orderly debut on Bursa Malaysia Securities [[58]], [[60]].

Company Overview: Business Model, Revenue Streams & Market Position

Kee Ming Group Berhad operates through its wholly-owned subsidiary, Kee Ming Electrical Sdn Bhd, primarily providing mechanical and electrical (M&E) engineering services and related maintenance and repair. The company serves as a general sub-contractor in Malaysia with its head office in Ipoh, and branches in Selangor and Penang [[73]].

Revenue Streams:

• M&E Engineering Services (main revenue driver)
• Maintenance and Repair Services

Customer Segments: The company caters to a diverse client base including direct customers and major project developers requiring M&E solutions. Key clients and suppliers are also recognized through Pink Form allocations, indicating strong industry relationships [[46]].

Geographic Focus: Operations are currently focused within Malaysia.

Brand Strength & Market Position: While exact market share is not disclosed, Kee Ming highlights competitive strengths in project execution and technical expertise. The company’s outstanding order book of RM176.1 million (as at the latest practicable date) is expected to drive revenue up to FY2027 [[43]].

Management Team:

• Ir. Liew Kar Hoe — Promoter, substantial shareholder, Non-Independent Executive Director, Managing Director
• Choy Sook Yan — Executive Director
• Lai Jun Wah — Chief Financial Officer
• Chan Hon Hoong — Project Manager
• Chan Jun Ho — Project Manager
• Other Independent Non-Executive Directors: Tengku Faizwa Binti Tengku Razif, Ooi Guan Hoe, Susie Chung Kim Lan, Lee Chin Hui

[[16]], [[46]]

Financial Health: Multi-Period Performance

Kee Ming has demonstrated rapid revenue and profit growth over the last three financial periods.

Order Book (as at latest practicable date): RM176.1 million, supporting revenue visibility up to FYE 2027 [[43]].

Valuation Metrics:

• Pro forma NA per share post-IPO: RM0.15
• IPO Price to Book (P/B): 2.53x
• FYE 2025 EPS: 2.5 sen; PE at IPO: 15.2x
• Annualized adjusted PAT for FYE 2026: RM12.2 million (EPS 3.8 sen, PE 10.0x)
• No peer comparables disclosed in the document

[[52]], [[53]]

Trends, Timing, and Sector Environment

Sector & Trends: The company operates in Malaysia’s M&E engineering services sector, which is project-driven and relies on ongoing construction, infrastructure, and property development cycles. Projects are generally non-recurring and awarded through competitive tendering, which presents both opportunities and risks [[39]].

Timing of the IPO:

• Application window: Opens 10:00 a.m., 21 January 2026, closes 5:00 p.m., 27 January 2026
• Balloting: 4 February 2026
• Allotment/Transfer: 10 February 2026
• Listing Date: 12 February 2026

[[6]], [[45]]

Economic Environment: The prospectus highlights a generally positive macroeconomic backdrop and government support for construction and infrastructure activity, though no specific growth forecasts are provided.

Recent Developments: The company has undertaken an internal reorganisation, expanded its project team, and invested in technology and systems, as reflected in the planned use of IPO proceeds [[44]], [[56]].

Risk Factors

Key Risks Identified:

• Project Non-Recurring Nature: Projects are typically one-off; revenue streams are not recurring [[39]].
• Customer Concentration: Not quantified, but key customers are material to business.
• Competitive Industry: Highly competitive M&E sector with low barriers to entry [[67]].
• Execution Risks: Delays, cost overruns, or supply chain disruptions can impact margins and timing.
• Liquidity Risk: Current ratio at 1.5x (FPE 30 Sep 2025); working capital allocation from IPO proceeds aims to mitigate this.
• No Dividend Guarantee: No assurance of dividend payments in future [[68]].
• Listing Risks: Delay or failure to meet public spread or institutional subscription could abort the listing [[68]].
• Promoter/Shareholder Control: Post-IPO, promoters and major shareholders will hold 74.5% of shares, giving them substantial voting power [[69]].

Growth Strategy

Key Growth Initiatives:

• Project Working Capital: RM13 million allocated to support growing project pipeline and order book.
• Performance Bonds: RM4 million set aside to secure larger and more projects.
• Project Team Expansion: Targeting 20 new hires with relevant technical expertise over 24 months.
• Technology Investment: RM1 million for a new ERP system to enhance operational efficiency.

These initiatives are expected to support Kee Ming’s ability to take on more and larger projects, improve execution, and enhance competitiveness [[54]], [[55]], [[56]].

Ownership & Lock-ups

Shareholding Structure (Pre and Post-IPO):

Lock-up/Moratorium:

• Ir. Liew Kar Hoe: All shares under six-month moratorium post-listing; then at least 45% of shares locked for another six months; thereafter, only one-third per annum can be sold on a straight-line basis.
• Solarvest: Has also undertaken not to sell, transfer, or assign shareholdings during the moratorium period [[34]].

Valuation and Peer Comparison

Kee Ming’s valuation at IPO:

• P/E multiple: 15.2x (FYE 2025 earnings); 10.0x (annualised FYE 2026, excluding listing expenses)
• P/B multiple: 2.53x (NA per share: RM0.15)
• No direct peer comparison table or sector IPOs disclosed in the prospectus.

[[52]], [[53]]

Research & Opinions

Independent Market Research: Protégé Associates Sdn Bhd prepared the industry review; however, no explicit analyst commentary or price targets are included in the document [[10]].

IPO Allotment Result

IPO subscription outcomes by tranche are not specified in the document.

Listing Outlook

Based strictly on the prospectus content, Kee Ming Group Berhad’s IPO is growth-oriented and supported by substantial project visibility, strong financial track record, and a robust order book. The underwriting and placement structure, as well as moratorium commitments from major shareholders, provide comfort for listing stability. The company’s relatively high promoter retention (over 74% post-IPO) may limit free float but also signals long-term alignment. The lack of a fixed dividend policy means investors should focus on capital appreciation prospects.

First-Day Trading Range: Based on the strong financials, order book, and high subscription safeguards, the shares are likely to debut at or above the IPO price of RM0.38, with modest upside potential if sector sentiment remains constructive. Actual performance will depend on broader market conditions and post-listing execution.

Prospectus Access

The official prospectus can be viewed or downloaded at: www.bursamalaysia.com

How to Apply

Application Channels: Investors can apply via participating brokers, banks, and via internet share application with participating financial institutions. Application forms are available in printed format from the company, the issuing house (Malaysian Issuing House Sdn Bhd), or participating banks and brokers. Applications open at 10:00 a.m. on 21 January 2026 and close at 5:00 p.m. on 27 January 2026. Balloting will occur on 4 February 2026, with allotment on 10 February 2026 and listing expected on 12 February 2026 [[6]], [[45]].