Lim Seong Hai Capital Berhad IPO's Analysis

Lim Seong Hai Capital Berhad

Lim Seong Hai Capital Berhad (LSH Capital), incorporated in 2020 and headquartered in Kuala Lumpur, Malaysia, is a diversified solutions provider specializing in construction, property development, and lighting solutions. The company’s principal activities include offering construction-related services such as infrastructure development and project management, as well as producing and supplying lighting and electrical products. LSH Capital also leverages its innovative BEST Collaboration Framework to provide value-added solutions for property developers and contractors, focusing on cost optimization and operational efficiency. With a commitment to sustainability and innovation, LSH Capital is actively shaping Malaysia’s urban and infrastructure landscape while driving growth in its key sectors.

IPO Details
Market: ACE
Principal Adviser: AmInvestment Bank Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: SC (Yes)
Listing Price: 0.88
PE Ratio: 8.37
    PE (FYE): 8.37
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
Closing Date: 06-Mar-2025
Balloting Date: 10-Mar-2025
Listing Date: 21-Mar-2025
Oversubscription rate: 11.88x
Average Analysts FV :
Mplus (1.60), TA (1.27), RHB (1.13), Mercury (1.06)
iSaham IPO Score :
Market Cap: 737.76 M
Number of Shares: 838.36 M
IPO Allocations No. of Shares %
Malaysian Public 16.77 M 2.0%
Bumiputera shareholders approved by MITI 104.80 M 12.5%
Eligible Directors and employees 12.575 M 1.5%
Private placement to selected investors and others 56.862 M 6.78%
Total Allocations 191.00 M 22.78%

Offer for Sales of 59.00 M existing shares representing 7.04% enlarged shares.

Public Issue of 132.00 M new shares representing 15.75% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Working capital Working capital for our Group’s construction projects 108,860 93.72
Listing expenses Estimated expenses in relation to our Transfer of Listing 7,300 6.28
Total 116,160 100
Analyst Highlights
Date Analyst Highlights
18-Nov-2025
Aminvest
  • Morib Rejuvenation Project Secured: LSH obtained long-term leases and development rights over 600 acres, unlocking multi-billion GDV potential through state-linked partnerships.
  • Strategic Business Model Reinforcement: This project strengthens LSH's high-margin, asset-light operating model, ensuring control of premium real estate and recurring income streams.
  • Strong Future Growth Pipeline: The company gains 12 years of pipeline visibility with zero capex, enhancing brand equity as a preferred partner for future state-led projects.
Utilisation of Proceeds
Business Segments
Major Customers
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
No Available Pro Insight yet
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