Pan Merchant Berhad IPO's Analysis

Pan Merchant Berhad

Pan Merchant Berhad, incorporated in 2024 and headquartered in Shah Alam, Selangor,Malaysia, specializes in the design, manufacture, assembly, delivery, and commissioning of filters for solid-liquid filtration. Through its subsidiaries, the company also engages in steel works and technical support services, catering to diverse industrial needs. Pan Merchant Berhad operates globally, leveraging its integrated solutions to deliver robust filtration systems and engineering services, reflecting its expertise in innovative industrial applications.

IPO Details
Market: ACE
Principal Adviser: Affin Hwang Investment Bank Berhad
Issuing House: Malaysian Issuing House (MIH)
Shariah Status: SC (Yes)
Listing Price: 0.27
PE Ratio: 32.14
    PE (FYE): 32.14
    PE (FPE Annualised): -
    PE (Hybrid): -
MITI allocation?: Yes
Closing Date: 17-Jun-2025
Balloting Date: 19-Jun-2025
Listing Date: 26-Jun-2025
Oversubscription rate: 0.37x
Average Analysts FV :
Mplus (0.33), TA (0.23), Public Invest (0.25)
iSaham IPO Score :
Market Cap: 247.32 M
Number of Shares: 916.00 M
IPO Allocations No. of Shares %
Malaysian Public 45.80 M 5.0%
Bumiputera shareholders approved by MITI 114.50 M 12.5%
Eligible Directors and employees 14.603 M 1.59%
Private placement to selected investors and others 75.285 M 8.22%
Total Allocations 250.19 M 27.31%

Offer for Sales of 18.00 M existing shares representing 1.97% enlarged shares.

Public Issue of 232.19 M new shares representing 25.35% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Acquisition of machinery, equipment and tools 20,000 31.9
Expansion Renovation of manufacturing plants 8,000 12.76
Expansion Product development 7,000 11.17
Expansion Business expansion 6,000 9.57
Working capital Working capital 14,691 23.43
Listing expenses Estimated expenses 7,000 11.17
Total 62,691 100
Analyst Highlights
Date Analyst Highlights
17-Jun-2025
Public Invest
  • Expansion into non-edible oil segments, plans to expand the revenue base of sustainable fuels and potable water segments.
  • Growing international presence, aims to strengthen its position in Europe by expanding its Netherlands office.
16-Jun-2025
Mplus
  • Projected 3-year earnings CAGR of 17.2%, driven by global market expansion, potable water focus, and mining industry venture.
  • Global presence with revenue mainly from international markets, supported by offices in Netherlands, USA, and Singapore.
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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