IPO Insights

BMS Holdings Berhad

BMS Holdings Berhad, through its subsidiaries, is involved in the retailing, wholesaling, and project sales of tiles and stone surfaces across Malaysia. The company offers a wide range of products, including porcelain and ceramic tiles, natural stones like marble and granite, engineered stones, and mosaic tiles. To complement its primary offerings, the Group also provides a selection of bathware and kitchenware. The business operates through a multi-channel model, serving end-users, professionals, and resellers via its network of 20 retail showrooms under the JUBIN BMS brand, as well as engaging in project sales to contractors and property developers. The company was incorporated in Malaysia and has established a significant presence in Johor, Selangor, Kuala Lumpur, Negeri Sembilan, and Sarawak.

IPO Details
Market: ACE
Principal Adviser: Alliance Islamic Bank Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: SC (Yes)
Listing Price: 0.22
PE Ratio: 15.7-15.8
    PE (FYE): 15.83
    PE (FPE Annualised): -
    PE (Hybrid): -
    PE (Latest Qtr): 15.7
MITI allocation?: Yes
Closing Date: 19-Nov-2025
Balloting Date: 26-Nov-2025
Listing Date: 08-Dec-2025
Oversubscription rate: 2.4x
Average Analysts FV*:
TA (0.24), RHB (0.31), Mplus (0.25)
iSaham IPO Score***:
Market Cap: 338.80 M
Number of Shares: 1,540.00 M
IPO Allocations No. of Shares %
Malaysian Public 77.00 M 5.0%
Bumiputera shareholders approved by MITI 192.50 M 12.5%
Eligible Directors and employees 61.6 M 4.0%
Private placement to selected investors and others 188.9 M 12.27%
Total Allocations 520.00 M 33.77%

Offer for Sales of 156.00 M existing shares representing 10.13% enlarged shares.

Public Issue of 364.00 M new shares representing 23.64% enlarged shares.

Median Sectors PE:
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Expansion of operations and facilities 34,280 42.81
Expansion Upgrading of existing operational facilities and ICT system 17,000 21.23
Working capital Working capital 18,800 23.47
Others Marketing activities 4,000 5.0
Listing expenses Estimated listing expenses 6,000 7.49
Total 80,080 100
Utilisation of Proceeds
SWOT Analysis

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