HI Mobility Berhad IPO's Analysis

HI Mobility Berhad

HI Mobility Berhad focusing on comprehensive bus transportation services through its subsidiary, Handal Indah Sdn. Bhd. The company operates a range of scheduled and non-scheduled bus services, including cross-border routes between Johor Bahru and Singapore, as well as intracity services within Johor, Melaka, the Klang Valley, and parts of Singapore. Additionally, it provides intercity services linking various Malaysian cities. HI Mobility also caters to corporate, tourism, and community needs through chartered bus services that allow for customized routes and schedules. Beyond transportation, the company diversifies its operations by offering maintenance and repair services for its fleet and advertising space on its buses, enhancing its revenue streams. HI Mobility was incorporated in 2024 and headquartered in Johor Bahru, Malaysia.

IPO Details
Market: MAIN
Principal Adviser: Maybank Investment Bank Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: SC (Yes)
Listing Price: 1.22
PE Ratio: 13.6-18.4
    PE (FYE): 18.40
    PE (FPE Annualised): 13.58
    PE (Hybrid): 14.3
MITI allocation?: Yes
Closing Date: 19-Mar-2025
Balloting Date: 21-Mar-2025
Listing Date: 28-Mar-2025
Oversubscription rate: 6.57x
Average Analysts FV :
Mplus (1.57), TA (1.51), RHB (1.40)
iSaham IPO Score :
Market Cap: 610.00 M
Number of Shares: 500.00 M
IPO Allocations No. of Shares %
Malaysian Public 10.00 M 2.0%
Bumiputera shareholders approved by MITI 47.50 M 9.5%
Eligible Directors and employees 5.0 M 1.0%
Private placement to selected investors and others 67.5 M 13.5%
Total Allocations 130.00 M 26.0%

Offer for Sales of 35.00 M existing shares representing 7.0% enlarged shares.

Public Issue of 95.00 M new shares representing 19.0% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Bus fleet expansion and electrification 70,000 60.4
Expansion Expansion of EV charging infrastructure 15,000 12.9
Expansion Technological enhancement 5,000 4.4
Working capital Working capital 17,900 15.4
Listing expenses Defraying fees and expenses in relation to our IPO and Listing 8,000 6.9
Total 115,900 100
Analyst Highlights
Date Analyst Highlights
18-Dec-2025
CIMB Securities
  • 9MFY1/26 results met expectations, with core net profit flat QoQ but revenue up 3.7% due to stronger cross-border ridership.
  • Projecting robust FY25-28F core net profit CAGR of 26.3% from rising cross-border traffic, RTS feeder-route contract, and commercial segment expansion.
  • Maintain Buy rating with unchanged RM3.10 TP, based on 18.6x CY27F P/E, due to strong growth prospects.
17-Nov-2025
Aminvest
  • HiMob secured assets at 7x forward PE, paying with shares at 17x forward PE, creating immediate value and absorbing dilution.
  • Acquisition accelerates earnings trajectory, raising FY27F-FY28F earnings by 18-20% and adding RM12-15mil PAT from new contributions.
  • Maintain BUY, revise TP to RM3.40 (20x forward PE) for 42% upside, due to increased FY27F/FY28F earnings.
08-Aug-2025
Kenanga
  • Rides on Johor's structural growth and upcoming RTS which should improve bus operator's utilisation.
  • RTS Link can potentially unlock new addressable market.
Utilisation of Proceeds
Business Segments
Geographical Segments
Major Customers
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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