TechStore Berhad IPO's Analysis

TechStore Berhad

TechStore Berhad is an enterprise IT solutions provider specializing in IT security and automation services. The company focuses on delivering comprehensive solutions that include design, development, customization, testing, and integration, tailored to the specific needs of its clients across various sectors such as transportation, utilities, and hospitality. TechStore’s products, such as integrated command and control systems, electronic payment and operating systems, and business video intelligence solutions, enhance security and operational efficiency. In addition to these core services, TechStore provides maintenance and support for the IT solutions it delivers, ensuring ongoing operational efficiency and long-term support for its customers. TechStore was incorporated in Malaysia in 2024 and headquartered in Kuala Lumpur, Malaysia.

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: 11.8-20.5
    PE (FYE): 13.0
    PE (FPE Annualised): 20.54
    PE (Hybrid): 11.78
MITI allocation?: Yes
Closing Date: 04-Feb-2025
Balloting Date: 06-Feb-2025
Listing Date: 18-Feb-2025
MITI Payment Date: 24-Jan-2025
Oversubscription rate: 96.66x
Average Analysts FV :
Mplus (0.36), TA (0.32)
iSaham IPO Score :
Market Cap: 100.00 M
Number of Shares: 500.00 M
IPO Allocations No. of Shares %
Malaysian Public 25.00 M 5.0%
Bumiputera shareholders approved by MITI 62.50 M 12.5%
Eligible Directors and employees 25.0 M 5.0%
Private placement to selected investors and others 37.5 M 7.5%
Total Allocations 150.00 M 30.0%

Offer for Sales of 25.00 M existing shares representing 5.0% enlarged shares.

Public Issue of 125.00 M new shares representing 25.0% enlarged shares.

Median Sectors PE: N/A
Median Peers PE:
Utilisation of Proceeds
Purpose Amount (RM'000) %
Expansion Recruitment of business development personnel 2,718 10.9
Expansion Capital expenditure 2,302 9.2
Working capital Working capital 11,480 45.9
Listing expenses Estimated listing expenses 3,500 14
Debt Repayment of bank borrowings 5,000 20
Total 25,000 100
Analyst Highlights
Date Analyst Highlights
27-Oct-2025
RHB
  • MYR0.40-0.52 FV is based on 16-21x FY25F P/E, Budget 2026's MYR12bn allocation bodes well for TechStore's growth prospects.
  • Healthy orderbook and margin recovery. TechStore's orderbook expanded to MYR119m as at 30 Jun.
  • Record high tenderbook reinforces growth outlook. TechStore's tenderbook more than doubled QoQ to MYR1.67bn as at 30 Jun.
  • Recurring income builds earnings stability. In 2Q25, TechStore recognised MYR1.1m in pre-tax profit from a long-term leasing contract.
03-Jul-2025
RHB
  • Key IT solutions partner in Malaysia's rail infrastructure, with over 60% of revenue since FY21 derived from public land transport projects.
  • Strong earnings visibility, backed by an orderbook of c.MYR109.1m as at 31 Mar - equivalent to 1.75x of FY24 revenue.
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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