Semico Capital Berhad

Date of Prospectus: 15 December 2025

Semico Capital Berhad IPO: Unlocking Growth in Malaysia’s Arcade, Amusement, and Collectables Market

Semico Capital Berhad is set to debut on the ACE Market of Bursa Malaysia Securities, offering investors a unique opportunity to participate in the growth of Malaysia’s vibrant family entertainment and collectables sector. This long-form analysis covers every material aspect of the IPO, including offer structure, use of proceeds, financial performance, management, risks, and listing outlook—based exclusively on the company’s official disclosures.

IPO Snapshot: Offer Structure, Pricing, and Key Dates

Semico Capital Berhad (IPO Symbol: Not Disclosed) is launching its Initial Public Offering with a public issue of 92,670,800 new shares and an offer for sale of 18,000,000 existing shares, totaling 110,670,800 IPO shares. The IPO price is fixed at RM0.25 per share, implying a market capitalization of RM90,000,000 upon listing, based on an enlarged share capital of 360,000,000 shares.

The IPO does not feature a minimum subscription amount, but must comply with public shareholding spread requirements (at least 25% held by a minimum of 200 public shareholders holding not less than 100 shares each).

Placement and Issuance Breakdown: Who Gets What?

The offering is structured to appeal to a wide range of investors, with allocations for the Malaysian public, eligible directors, employees, business associates, and selected private placement investors.

There is no over-allotment (“greenshoe”) option. The public and Pink Form allocations are fully underwritten; private placement tranches are not underwritten but supported by irrevocable undertakings.

Use of Proceeds: Focused on Growth and Expansion

Semico Capital intends to raise approximately RM23.17 million via the public issue. The use of proceeds is predominantly growth-oriented, with significant allocation to business expansion in arcade and amusement machines, inventory for collectables, and workforce development.

The company’s capex-heavy allocation reflects an aggressive growth strategy aimed at scaling operations and market presence.

Dividend Policy and Timetable

Semico Capital does not have a formal dividend policy at present. Dividends, if any, will depend on the performance and distributable profits of its subsidiaries, cash flow requirements, and future capital expenditure. No explicit payout ratio or timetable is stated.

Investor Participation and Book Quality

There is no mention of cornerstone or anchor investors by name, nor are institutional subscription levels or oversubscription metrics disclosed. The public and Pink Form allocations are underwritten by Affin Hwang Investment Bank Berhad, while private placement tranches are supported by irrevocable undertakings.

Pre-listing investor (Equitic Dynamic Core PLT) is subject to a 6-month moratorium on disposal of shares post-listing. The main selling shareholder, MARC Experience, offers 18,000,000 shares in the offer for sale tranche.

Book quality and potential first-day performance are inferred to be supported by full underwriting of public tranches and a diversified allocation structure.

Deal Parties and Listing Structure

Affin Hwang Investment Bank Berhad serves as:

• Principal Adviser
• Sponsor
• Sole Placement Agent
• Sole Underwriter

No stabilisation or over-allotment (greenshoe) option is provided.

The IPO structure is designed to ensure a broad shareholder base and listing-day liquidity, supported by reputable market participants.

Business Model and Operations: Semico Capital’s Growth Engine

Semico Capital Berhad is a holding company with operations spanning the distribution and retail of arcade and amusement machines, and the wholesale and distribution of toys and collectables.

• Arcade & Amusement Segment: Revenue-sharing model, rental model, and outright sales of machines; operation and management of family entertainment centres.
• Toys & Collectables Segment: Wholesale and distribution of action figures, assembled toys, blind boxes, display figures, trading card games, and related merchandise.
• Geographic Focus: Malaysia, with products sourced primarily from China and Malaysia.
• Key Customers: Arcade/amusement machine centres, family entertainment centres, theme parks, e-commerce platforms, lifestyle and gift stores, bookstores.

The group aims to capture value across the family entertainment ecosystem, leveraging brand partnerships and a growing collectibles market.

Financial Health: Multi-Year Growth and Margins

Semico Capital has demonstrated robust revenue and profit growth across the last four financial years, maintaining healthy margins and a low gearing profile.

The company’s pro forma net asset per share post-IPO is RM0.10, with an IPO price implying a P/E multiple of approximately 14.88x based on FYE 2025 earnings.

Market Position, Competitive Advantages, and Management

Semico Capital’s competitive strengths include:

• Diversified business model across arcade/amusement and collectables.
• Proven multi-year growth in revenue and profits.
• Strong operating margins and low leverage.
• Seasoned management with experienced leaders in finance, product development, and technical operations.

Key management and directors include:

• Dato’ Sri Ramli Bin Mohamed Yoosuf (Independent Non-Executive Chairman)
• Tai Lee Chuen (Executive Director/CEO)
• Ang Sew Fong (Executive Director/Head of HR & Admin)
• Andrea Huong Jia Mei, Ooi Guan Hoe, Yap Choo Cheng (Independent Non-Executive Directors)
• Amilia Binti Sabtu (Head of Finance), Lee Cheng Loong (Head of Product Development), Lee Yong Wai (Head of Technical)

Trends, Timing, and Market Environment

The IPO comes as the company recovers from COVID-19-related disruptions and aims to capitalize on growing consumer demand in the family entertainment and collectables market.

• Historical demand drivers: Robust revenue growth post-pandemic, supported by reopening and consumer spending.
• Economic environment: The company highlights potential volatility but notes positive sector and regional trends.
• Seasonality: Some business segments may be subject to seasonal demand, as disclosed in operational risk sections.
• IPO dates: Application window from 15 December 2025 to 2 January 2026; expected listing on 13 January 2026.

Based strictly on the company’s disclosures, market conditions appear supportive for the listing, especially for growth companies in consumer entertainment.

Prospectus Deep Dive: Risks, Growth Strategy, and Ownership

Risk Factors

Key risks include:

• Business interruptions from pandemics (e.g., COVID-19 lockdown impact on operations).
• Dependence on key customers, suppliers, and product trends.
• Foreign exchange, regulatory, and operational risks—including supply chain, technology, and intellectual property exposures.
• Risks related to rapid expansion and capex execution.

For a full risk assessment, refer to the “Risk Factors” section starting on page 162 of the prospectus.

Growth Strategy

Semico Capital’s growth strategy is centered on:

• Expanding its arcade/amusement machine distribution business, including an RM8.5 million capex investment for new machines over 36 months.
• Increasing inventory of trending collectables and toys, with RM2.5 million allocated for this purpose within 12 months post-listing.
• Strengthening digital and event-based marketing, including up to RM1 million for business development and participation in international trade shows.
• Enhancing workforce capabilities, with RM3 million set aside for expansion.

No major M&A or international market entries are stated; the focus is on organic growth and capitalizing on sector recovery.

Ownership & Lock-Ups

Pre- and post-IPO shareholding structure shows concentrated ownership among the main promoter (MARC Experience) and pre-listing investor (Equitic Dynamic Core PLT), with both subject to lock-up/moratorium periods.

Valuation and Peer Comparison

The IPO is priced at 14.88x P/E (FYE 2025), with a pro forma net asset per share of RM0.10 (2.5x P/B). No direct peer metrics or sector comparables are disclosed in the prospectus, and thus no peer table is provided here.

There is no mention of other IPOs in the same period or recent 10-day sector performance data.

Research & Opinions

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

IPO Allotment Result

Final subscription outcomes by tranche or oversubscription rates are not disclosed.

Listing Outlook: Subscription Value and First-Day Prospects

Based on a robust financial track record, healthy margins, growth-focused use of proceeds, and full underwriting of public tranches, Semico Capital’s IPO appears attractive for investors seeking exposure to Malaysia’s consumer entertainment sector.

The company’s balance of expansion and deleveraging, together with a diversified shareholder base and sector tailwinds, suggests potential for solid listing-day performance. The first-day trading range is likely to be strong relative to the offer price of RM0.25, particularly if public demand is high and sector sentiment remains constructive.

Prospectus Access

The official document can be viewed at: www.bursamalaysia.com

How to Apply

Applications for the IPO can be made via participating brokers, banks, and e-IPO platforms. The application window is open from 10:00 a.m. on 15 December 2025 to 5:00 p.m. on 2 January 2026.