Sumisaujana Group Berhad IPO's Analysis

Sumisaujana Group Berhad

Sumisaujana Group Berhad, incorporated in 2021 and headquartered in Bandar Puncak Alam, Selangor, Malaysia, is a key player in the specialty chemicals industry, focusing on the development, manufacturing, and supply of oilfield chemicals. The group specializes in solutions for upstream and downstream oil and gas operations, offering a wide range of chemical products such as corrosion inhibitors, demulsifiers, and scale inhibitors. Sumisaujana emphasizes innovation and environmental sustainability in its operations, supported by an experienced team and advanced manufacturing facilities. With a strong commitment to quality and client satisfaction, the company serves a diverse clientele in Malaysia and beyond, positioning itself as a reliable partner in the oil and gas supply chain.

IPO Details
Market: ACE
Principal Adviser: RHB Investment Bank Berhad
Issuing House: Tricor Investor & Issuing House (TIIH)
Shariah Status: SC (Yes)
Listing Price: 0.24
PE Ratio: 11.3-24.8
    PE (FYE): 11.32
    PE (FPE Annualised): 24.75
    PE (Hybrid): 21.8
MITI allocation?: Yes
Closing Date: 25-Mar-2025
Balloting Date: 28-Mar-2025
Listing Date: 09-Apr-2025
Oversubscription rate: 1.85x
Average Analysts FV :
Mplus (0.30), TA (0.235), Mercury (0.28)
iSaham IPO Score :
Market Cap: 346.46 M
Number of Shares: 1,443.60 M
IPO Allocations No. of Shares %
Malaysian Public 72.50 M 5.02%
Bumiputera shareholders approved by MITI 180.45 M 12.5%
Eligible Directors and employees 24.4 M 1.69%
Private placement to selected investors and others 122.65 M 8.5%
Total Allocations 400.00 M 27.71%

Offer for Sales of 90.00 M existing shares representing 6.23% enlarged shares.

Public Issue of 310.00 M new shares representing 21.47% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Acquisitions of the New Puncak Alam Warehouseand New Puncak Alam Corporate Office 40,200 54.03
Expansion Acquisition of the existing Puncak Alam Factory 18,900 25.4
Expansion Capital expenditure 2,080 2.8
Expansion Expansion of R&D division 7,620 10.24
Listing expenses Estimated listing expenses 5,600 7.53
Total 74,400 100
Analyst Highlights
Date Analyst Highlights
30-Dec-2025
RHB
  • Earnings inflection and accelerated growth expected from FY25F's low base into FY26-27, supported by a low mid-CY27F P/E.
  • Robust earnings momentum driven by favourable cost dynamics, new product introductions, supportive industry demographics, and strong O&G relationships.
  • Expansion into new markets like the US via toll-manufacturing and introduction of new bio-based products with CoolisT Group.
26-Nov-2025
Mercury
  • SUMI manufactures and supplies drilling fluids and oilfield chemical solutions to leading players in the global oil and gas industry, with 78% total revenue from 4 major customers including Petronas.
  • New Markets to Drive Growth by expanding domestic and international presence, product range (oleochemical, biodegradable lubricants, transformer oil), and exploring new production facilities in North America and Middle East.
  • Diversifying Growth via Innovation by leveraging licensing agreement with Malaysian Palm Oil Board (MPOB) to produce palm-based polyols and bio-chemicals.
11-Sep-2025
MERCURY SECURITIES SDN. BHD.
  • Revenue is closely correlated with oil production of key customers.
  • SUMI's FY24 PAT margin exceeds the five-year peer average.
  • SUMI is expanding its global footprint and diversifying into palm-based innovation.
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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