Bursa Malaysia is preparing to welcome a flurry of initial public offerings (IPOs) in 2024, following a shortfall in the number of listings this year. Despite setting a target of 39 IPOs for 2023, the exchange has only achieved 27 listings to date, according to Lee Kuan Teck, Listing Development Head and Senior Vice-President. The majority of these listings were on the ACE Market, focused on small and medium enterprises, with 20 IPOs, followed by six on the Main Market and one on the LEAP Market.
The exchange has seen strong interest from various sectors including consumer products, industrial products, and technology, each accounting for a significant portion of the listings. Despite the impact of the COVID-19 pandemic affecting 2020's listings, Bursa Malaysia typically lists around 30 companies per year.
Among the notable listings this year was Baxter (NYSE:BAX) Holdings (PLYTEC), with additional announcements pending from CEO Datuk Muhamad Umar Swift. Plytec Holding Bhd is set for a listing on November 15.
Looking ahead to next year, renowned firms such as KK Supermarket, 99 Speedmart, and Loob Holdings (Tealive's owner) are expected to make their market debut. Loob Holdings is currently preparing for its public offering with an ambitious target of 1,000 Tealive outlets. KK Supermarket Group's Chairman, Cai Zhiquan, outlined a listing timeline of one to three years.
The competitive landscape is expected to intensify further with rumors of 99 Speedmart's market debut in late 2024. Other potential listings include Eco-Shop, Leader Energy, and Naza Group. The strong pipeline for next year's IPOs is indicative of interest spanning across different industries from brick and mortar to tech companies.
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