Milolo Berhad

Date of prospectus: 10 March 2026

Milolo Berhad IPO: Deep Dive Analysis of Malaysia’s Newest Toys & Collectibles Listing

Milolo Berhad is set to debut on the LEAP Market of Bursa Malaysia Securities. This listing marks a significant moment for Malaysia’s toys and collectibles sector, offering investors a chance to participate in a rapidly growing niche with strong brand fundamentals and expansion ambitions. Below, we dissect every critical detail, financial metric, and strategic angle, giving investors the most detailed, data-driven perspective possible.

IPO Snapshot: Key Figures and Offer Details

Milolo Berhad aims to list by way of introduction on the LEAP Market, targeting sophisticated investors. The IPO symbol and peer symbols are not explicitly disclosed. The listing reference price is set at RM0.10 per share, with a total issued share capital post-listing of 250,000,000 shares, translating to a post-IPO market capitalization of RM25 million [[74]].

No new shares are being issued at listing; all shares have been allotted prior to the IPO via private placements and acquisition exercises [[74]].

Use of Proceeds: Expansion, Working Capital, and Listing Expenses

Milolo Berhad’s IPO proceeds, totalling RM3.5 million, stem from two pre-listing private placements: RM1.0 million from Pre-Listing Investors A (at ~RM0.02/share) and RM2.5 million from Pre-Listing Investors B (at RM0.10/share) [[21]][[22]]. The allocation is clearly growth-oriented:

• Expansion of Operations (New Retail Outlets): RM1.5 million (42.86%) — to establish 3-5 new outlets, focusing on Klang Valley, Negeri Sembilan, and Penang within 24 months [[76]].
• Working Capital: RM1.0 million (28.57%) — mainly for IP brand-building, marketing, and promotional activities.
• Listing Expenses: RM1.0 million (28.57%) — to cover professional fees and related costs.

No oversubscription or bookbuilding metrics are disclosed, as the listing is by introduction and participation is restricted to sophisticated investors [[1]].

Dividend Policy and Commitment

Milolo Berhad does not have a formal dividend policy at present. The company intends to pay dividends in the future, subject to distributable profits, cash flow, operational needs, and subsidiary performance. No payout ratio or timetable is specified. No dividends are proposed prior to listing [[97]].

Share Placement and Ownership Structure

All 250,000,000 shares are allotted pre-listing as follows [[75]]:

• Promoters (Datuk Millan Lee, Datin Michelle Liew): 180,000,000 shares (72.00%)
• Pre-Listing Investors A (Wong Soo Foon, Chu Siang Nee, Chang Siew Foong): 45,000,000 shares (18.00%)
• Public/Other Shareholders (Pre-Listing Investors B): 25,000,000 shares (10.00%)

Investor Participation and Book Quality

Participation is restricted to sophisticated investors. The company’s pre-listing investors are all independent and not connected to promoters, directors, or substantial shareholders. No cornerstone or anchor investors are named, and there is no mention of institutional tranche allocations or oversubscription [[21]][[22]]. No pre-listing disposals or sales by early shareholders are reported. This structure, along with the moratorium on major shares, signals a tightly held float and potentially limited liquidity at listing [[71]].

Deal Parties and Listing Structure

• Approved Adviser and Continuing Adviser: DWA Advisory Sdn Bhd
• Auditors: TGS TW PLT
• Due Diligence Solicitors: Messrs Peter Ling & van Geyzel
• Internal Control Consultant: Wensen Consulting Asia (M) Sdn Bhd
• Share Registrar: Securities Services (Holdings) Sdn Bhd

No underwriters or bookrunners are listed. No stabilization or over-allotment (greenshoe) mechanism is mentioned [[17]][[18]]. The presence of reputable professional parties suggests procedural rigor, but the lack of underwriting or stabilization means listing-day performance will be fully market-driven.

Business Model and Market Position

Milolo Berhad is a holding company with its principal operating subsidiary, San Imaging Solution Sdn Bhd, specializing in:

• Retail sales of toys, figurines, decorations, hobby items, and related products
• Concept stores with food and beverage elements
• Import, export, distribution, and retail of office equipment, IT products, stationery, and general supplies
• Retail via e-commerce platforms

The group operates nine Milolo retail outlets, one Art Live outlet, and two online platforms as of the latest reporting date [[63]]. Key brands and proprietary IP include Milolo and Abby the Sheep, with plans to expand both product range and regional presence [[45]].

Customer segments: End consumers, collectors, hobbyists, and retail shoppers in Malaysia, with future expansion planned across ASEAN.

Geographies: Core operations in Malaysia, with planned entry into Thailand, Singapore, Indonesia, and China [[45]].

Financial Health and Performance

Milolo Berhad has demonstrated robust revenue and profit growth in the latest reporting periods. Key figures are summarized below:

Operating cash flow is healthy, and the company posted a net cash balance of RM3.35 million as at 30 September 2025 [[81]]. The gearing ratio improved from 8.64x (2024) to 1.78x (2025), reflecting better capital structure post-fundraising [[170]].

Market Position and Competitive Strengths

Milolo Berhad leverages:

• Experienced management team
• Strategic retail presence in urban malls
• Diversified product portfolio (proprietary and third-party)
• Multi-channel sales (offline and online)
• Strong trend-monitoring and curation capability

The top 5 suppliers accounted for 70.07% of purchases in FYE 2025, with no material supplier concentration risk. No single customer concentration is disclosed. The company’s proprietary IP and planned regional expansion are expected to drive future growth and market share [[48]][[45]].

Management Team and Leadership

• Datuk Millan Lee – Promoter, major shareholder
• Datin Michelle Liew – Promoter, major shareholder
• Keith Chong (to be appointed) – Independent Non-Executive Director [[71]]

Key management includes experienced directors with backgrounds in business management and brand development. All directors have confirmed good standing and no regulatory or bankruptcy issues [[70]].

Industry Trends, Market Timing, and Economic Environment

The Malaysian toys and collectibles sector is experiencing robust demand, driven by growing pop culture engagement and consumer interest in collectibles, especially those linked to Asian trends (China, Japan, Korea). The sector is characterized by:

• Continuous product innovation and trend alignment
• Increasing consumer engagement through retail and online channels
• Growing regional demand, including ASEAN markets

The company’s IPO is timed for April 2026 (tentative), following approval-in-principle from Bursa Securities [[8]]. The economic environment, as described, remains supportive, with expansion in the retail and collectibles sectors.

Recent milestones include the acquisition of San Imaging, successful private placements, IP registration for key brands, and securing new retail space in KLCC [[23]][[58]].

Risk Factors: Key Exposures for Investors

Investors should be aware of the following principal risks:

• Operational and supply chain risk (notably reliance on Chinese suppliers; risk of shipment delays/disruptions) [[105]].
• Consumer demand volatility and trend risk (rapidly shifting tastes, especially in pop culture products) [[107]].
• Pace of growth may not be sustained (significant recent revenue and profit jump may not repeat) [[108]].
• Retail outlet expansion risk (execution, location selection, and capital allocation) [[108]].
• Competition, including digital collectibles and new entrants [[110]].
• Counterfeit/imitation product risk [[110]].
• Liquidity risk: tightly held shares and LEAP Market’s limited pool of sophisticated investors [[111]].
• No guarantee of dividend payment in the absence of formal policy [[112]].
• Promoters retain significant control post-IPO (72% shareholding, with lock-up/moratorium for at least 12 months) [[71]].

Growth Strategy and Expansion Plans

Milolo Berhad’s strategic roadmap centers on:

• Opening 3-5 new retail outlets in Peninsular Malaysia within 24 months
• Allocating RM1.0 million for IP development, brand-building, and new product launches
• Regional expansion into Thailand, Singapore, Indonesia, and China (with feasibility studies preceding execution) [[45]]
• Enhancing in-store experience (DIY plush sections, experiential retail)
• Leveraging partnerships for co-branded and cross-industry campaigns

Ownership, Lock-ups, and Share Structure

Post-listing, promoters will hold 72.00% of shares, with a strict moratorium:

• Promoters’ shares: locked up for 12 months (100% of holdings), then 45% of total shares remain locked for a further 36 months [[71]].
• Pre-Listing Investors A: 45,000,000 shares (18%) subject to 12-month lock-up [[71]].

No ESOPs or employee allocations are disclosed.

Valuation and Peer Comparison

Milolo Berhad is listing at a reference price of RM0.10 per share, implying a P/E multiple of 13.75x based on FYE 2025 net profit (PAT RM1.82 million; 250 million shares; EPS 0.73 sen) [[73]]. No peer company financials or sector multiples are provided for direct comparison.

Research & Analyst Opinions

No analyst coverage, price targets, or explicit research opinions are disclosed in the document.

IPO Allotment Result

No allotment or subscription statistics by tranche are published, as the listing is by introduction with pre-allotted shares.

Listing Outlook: Is Milolo Berhad IPO Worth Subscribing?

Based on disclosed financials, strategic expansion, and sector tailwinds, Milolo Berhad’s IPO presents a compelling growth story. The company’s recent surge in revenue and profit, strong gross margins, and clear use of proceeds for expansion and brand-building underpin its growth narrative. However, the tightly held shareholding, absence of public float, and LEAP Market’s limited liquidity mean listing-day performance may be muted and subject to wide price swings.

Estimated first-day trading range: Given the P/E of 13.75x and current sector enthusiasm, a modest premium (5-20%) above RM0.10 is possible if demand from sophisticated investors materializes, but liquidity constraints may cap upside. Investors should view this as a long-term growth play rather than a quick flip.

Prospectus Access

The full prospectus is available at: www.bursamalaysia.com