MSB Global Group Berhad IPO's Analysis

MSB Global Group Berhad

MSB Global Group Berhad, incorporated in November 2021 and headquartered in Johor Bahru, Johor, Malaysia, is primarily engaged in the marketing, trading, and distribution of aftermarket automotive parts and components as well as automotive lubricants and fluids. Through its subsidiaries, the Group also trades other products such as outdoor telecommunication cabinets and related electrical items. MSB Global offers a broad portfolio of automotive products, including its in-house brands like FK Fukuoka, ZR Zuric, WHLI, LOTUS, AFA, and RAINEATER, alongside third-party brands like Mitsuba. With over 24 years of operational expertise, MSB Global has built a solid reputation and maintains a large and diverse customer base across Malaysia, supported by a strong presence in key markets.

IPO Details
Market: ACE
Principal Adviser: M&A Securities Sdn Bhd
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 0.2
PE Ratio: 12.1-14.8
    PE (FYE): 14.81
    PE (FPE Annualised): 12.14
    PE (Hybrid): 13.17
MITI allocation?: Yes
Closing Date: 04-Apr-2025
Balloting Date: 08-Apr-2025
Listing Date: 15-Apr-2025
Oversubscription rate: 6.46x
Average Analysts FV :
0.26 (Mplus), 0.24 (Public Invest)
iSaham IPO Score :
Market Cap: 122.00 M
Number of Shares: 610.00 M
IPO Allocations No. of Shares %
Malaysian Public 30.50 M 5.0%
Bumiputera shareholders approved by MITI 76.25 M 12.5%
Eligible Directors and employees 6.1 M 1.0%
Private placement to selected investors and others 94.15 M 15.43%
Total Allocations 207.00 M 33.93%

Offer for Sales of 74.00 M existing shares representing 12.13% enlarged shares.

Public Issue of 133.00 M new shares representing 21.8% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Reconstruction of a new factory cum warehouse 4,974 18.7
Expansion Purchase of new machinery and equipment 6,005 22.58
Working capital General working capital requirements 4,786 17.99
Others New in-house branded EV charger 835 3.14
Listing expenses Estimated listing expenses 4,500 16.92
Debt Repayment of bank borrowings 5,500 20.67
Total 26,600 100
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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