Company: BIMOffice Group Berhad

Date of Prospectus: 28 November 2025

BIMOffice Group Berhad IPO: Unlocking Value in Malaysia’s Digital Construction Boom

BIMOffice Group Berhad is making its market debut with a targeted listing on the LEAP Market of Bursa Malaysia. As a specialist in Building Information Modelling (BIM) services, BIMOffice is tapping Malaysia’s digital transformation wave in construction. This article offers a deep-dive, investor-grade analysis of the IPO’s structure, financials, risks, and prospects for the sophisticated investor.

IPO Snapshot: Key Details for Investors

IPO Symbol: Not disclosed

Offer Price: RM0.15 per share

Total Offer Size: 20,000,000 new ordinary shares

Post-IPO Outstanding Shares: 200,000,000

Market Capitalisation Upon Listing: RM30,000,000

• Use of Proceeds:
  • Working Capital: RM1.7 million (56.67%)
  • Capital Expenditure: RM0.5 million (16.67%)
  • Estimated Listing Expenses: RM0.8 million (26.66%)
• Growth-Driven Story: Majority of proceeds target expansion and technology upgrades, underlining a growth-focused narrative.
• Dividend Policy: No fixed policy; intention to reward shareholders post-listing. Past payout: 36.34% (FYE 2024), 24.42% (FYE 2025) of PAT. No dividends prior to listing.
• Placement Breakdown: 10% by IPO placement to sophisticated investors. Internal management/share allocations of 2,000,000 shares completed pre-listing to selected employees and management.

Investor Participation & Book Quality

Eligible Investors: Sophisticated investors only, as per LEAP Market guidelines.

Anchor/Institutional Investors: Not specifically named.

Book Quality: Inferred from prospectus: Placement is targeted, not open to public; all shares offered to sophisticated investors, with management and employee alignment via internal allocation. No oversubscription metrics disclosed.

Pre-Listing Sales/Disposals: No pre-listing disposals by early shareholders disclosed.

Outlook: The targeted nature and employee alignment suggest a curated, controlled book, potentially supporting stable first-day trading.

Deal Parties & Structure

• Approved Adviser, Placement Agent, and Continuing Adviser: Thinkat Advisory Sdn Bhd
• Reporting Accountants & Auditors: HLB Ler Lum Chew PLT
• Solicitors: Cheah Teh Su
• Internal Controls Consultant: Vaersa Advisory Sdn Bhd
• Share Registrar: ShareWorks Sdn Bhd
• Independent Market Researcher: Smith Zander International Sdn Bhd

Stabilization/Greenshoe: Not disclosed.

Inferred Support: The structure and roles, with Thinkat Advisory’s continuous involvement, imply close post-listing support for market stability.

Company Overview: Business Model, Revenue Streams & Sector Positioning

BIMOffice Group Berhad is a pure-play Building Information Modelling (BIM) specialist for Malaysia’s construction sector. The company offers digital transformation solutions and integration services through its wholly-owned subsidiary, BIM Office Sdn Bhd (BOSB).

• Core Services:
  • Digital advisory and consultancy (customized BIM Execution Plans, compliance with ISO 19650)
  • Digital design and construction (multi-disciplinary BIM models, coordination, clash detection)
  • Digital asset management (post-construction digital twin, lifecycle management)
• Client Segments: Construction companies, property developers, government-linked projects, and infrastructure players
• Geographic Focus: Malaysia

Industry Definition and Size: BIM is defined as a digital process integrating geometry, data, and project specifications to enhance construction efficiency and lifecycle management. Smith Zander’s IMR report positions BIM as a core enabler of Malaysia’s construction digitalization, with government mandates pushing BIM adoption for projects above RM10 million [[10]], [[109]].

Market Position & Advantages:

• Technical expertise across the BIM value chain
• Track record in delivering full-lifecycle BIM services
• Credibility built through regulatory compliance and integration with government initiatives
• Lean, technically qualified workforce (23 employees, majority BIM professionals)

Financial Health: Multi-Period Highlights

• Cash Position: Cash and cash equivalents at FYE 2025: RM1.05 million (up from RM185,000)
• Trade Receivables Turnover: Improved from 39 days to 26 days YoY
• Current Ratio: 2.83x at FYE 2025 (down from 3.61x, but still healthy)
• Debt: Low gearing; term loan and hire purchase facilities

Management Team

• Ts. Ooi Choon Lim (OCL): Group Managing Director, Promoter, and substantial shareholder. BSc (Hons) Building Construction Management, Sheffield Hallam University UK. Former Contract Manager at Gadang Engineering (M) Sdn Bhd with experience in hospitals and infrastructure.
• Ts. Tan Kean Eng (Kyle): Executive Director, Promoter, and substantial shareholder.
• Ooi Poh Lim (Steve): Non-Independent Non-Executive Director, Promoter, and substantial shareholder.
• Norsiake Bin Kassim: Independent Non-Executive Chairman.
• Key Management Personnel: Lai Jen Chieh (General Manager), Nurul Izzati Binti Hasmadi (Finance Manager), Amirul Asyraf Bin Abdul Rahman (Project Head), Kong Wei Hong (Project Head), Afiqah Binti Shahiedun (Project Head).

Trends, Timing & Environment

Sector Trends: Demand for BIM services is propelled by:

• Government mandates (BIM required for all public/private projects above RM10 million)
• Increased construction digitalization and regulatory compliance
• Rising property and infrastructure development

Timing: Application to Bursa Malaysia made 28 November 2025. Listing expected mid-February 2026, share allotment in early February 2026 (subject to regulatory approval).

Economic Environment: Malaysia’s construction sector is in growth mode, supported by public and private investments and regulatory frameworks emphasizing BIM adoption.

Recent Developments

• Acquisition and Restructuring: BIMOffice incorporated October 2025, completed acquisition of BOSB (operational entity) on 31 October 2025.
• Subscription of Management Shares: 2,000,000 shares allocated to key management, employees, and INEC to align interests and recognize contributions.
• ISO 19650 Certification: Targeted as part of capital allocation to bolster credibility and standardization.

Risk Factors

• Key-Man Risk: Significant reliance on the Group Managing Director/ED and specialized BIM professionals. Loss of key personnel could disrupt operations.
• Technology Reliance: Heavy dependency on digital platforms, cloud, and IT infrastructure exposes the company to business interruption and cybersecurity threats.
• Competition: Faces competition from established players with longer track records and greater resources. New entrants are possible.
• Credit Risk: Receivables are not collateralized or insured. However, no non-payment issues experienced as of LPD.
• Market Risk: Trading is limited to sophisticated investors; lower liquidity versus ACE/Main Market stocks.
• Regulatory/Political Risk: Exposure to changes in government policies affecting construction and BIM adoption.
• Related Party Transactions: Disclosed, but all current arrangements terminated or transitioned to standard commercial terms as part of listing preparations.

Growth Strategy

• Adoption of Digital Twin Technology: Targeting advanced, higher-margin BIM integration in line with government digitalization mandates.
• Technology and Workforce Expansion: RM0.5 million earmarked for technology upgrades; RM1.2 million for recruitment and upskilling (CIDB-accredited BIM courses, project management certification).
• Brand & Market Expansion: RM0.3 million to boost brand visibility and participate in industry events; RM0.2 million allocated for ISO 19650 certification.
• Employee Alignment: Management share allocations and voluntary lock-up to ensure stability and incentivize performance.

Ownership & Lock-ups

Total Promoter Lock-up: 89% of shares under 12-month moratorium; after that, 45% for a further 36 months.
Employee Lock-up: 12 months voluntary for management share allocation.

Valuation and Peer Comparison

• IPO Valuation: Implied Price-Earnings (P/E) Ratio: 21.05x (based on FYE 2025 diluted EPS of 0.71 sen and offer price of RM0.15)
• No direct peer valuation metrics disclosed in the prospectus.

Research & Opinions

Independent Market Research: Smith Zander International Sdn Bhd prepared the IMR report validating sector trends and the company’s positioning.

No analyst price targets or buy/sell recommendations disclosed.

IPO Allotment Result

Not disclosed.

Listing Outlook

Inferred Market Prospects: The IPO is tightly structured with a 10% public float, significant management/employee alignment, and a robust lock-up for promoters. The company is profitable, growing aggressively, and focused on a sector with strong regulatory and market tailwinds. The offer valuation (P/E of 21.05x) reflects growth expectations in Malaysia’s digital construction landscape. Based on these factors, the listing is likely to see stable to strong first-day trading, though liquidity may be limited due to LEAP Market restrictions. The risk profile is balanced by substantial lock-ups and visible use of proceeds for tangible growth initiatives.

Estimated First-Day Trading Range (inferred): Modest premium to offer price is possible, but large moves may be constrained by market depth and the sophisticated investor-only structure.

Prospectus Access

For full details, visit: www.bursamalaysia.com