RichTech Digital Berhad IPO's Analysis

RichTech Digital Berhad

RichTech Digital Berhad, incorporated in 2023 and headquartered in Malaysia, is a digital solutions provider specializing in electronic reload and bill payment services. Operating through its proprietary SRS platform, RichTech enables seamless transactions for services such as mobile airtime, prepaid digital TV, games credits, eWallet top-ups, and utilities payment. The platform caters to both SRS corporate users, including reload retailers and mobile application operators, and SRS end-users for personal transactions. With a focus on innovation, long-standing supplier relationships, and an experienced management team, RichTech ensures reliable service delivery and a user-friendly experience. Positioned as a one-stop digital payment platform, the company is dedicated to operational excellence, scalability, and meeting evolving customer needs in Malaysia’s dynamic digital economy.

IPO Details
Market: ACE
Principal Adviser: KAF Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 0.25
PE Ratio: 8.8-9.4
    PE (FYE): 9.43
    PE (FPE Annualised): 8.76
    PE (Hybrid): 8.78
MITI allocation?: No
Closing Date: 31-Jan-2025
Balloting Date: 04-Feb-2025
Listing Date: 17-Feb-2025
Oversubscription rate: 245.42x
Average Analysts FV :
Mplus (0.47), Mercury (0.35), TA (0.45)
iSaham IPO Score :
Market Cap: 50.61 M
Number of Shares: 202.45 M
IPO Allocations No. of Shares %
Malaysian Public 10.12 M 5.0%
Eligible Directors and employees 1.55 M 0.77%
Private placement to selected investors and others 68.297 M 33.73%
Total Allocations 79.97 M 39.5%

Offer for Sales of 25.31 M existing shares representing 12.5% enlarged shares.

Public Issue of 54.66 M new shares representing 27.0% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Acquisition of new office 3,000 21.95
Working capital General working capital 3,000 21.95
Others Marketing and promotional activities 4,500 32.93
Listing expenses Estimated listing expenses 3,166 23.17
Total 13,666 100
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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